Adam IPO tops Rs. 109 m via 300 applications

Friday, 23 May 2014 01:10 - - {{hitsCtrl.values.hits}}

The Rs. 400 million Initial Public Offering of Adam Investments Ltd. has crossed the 300 applications mark. As of end of business on 21 May, the IPO had drawn 294 applications requesting Rs. 109 million worth of shares. Sources said the 300 applications mark was crossed yesterday with value of shares applied also increasing. The IPO of 133.3 million shares at Rs. 3 each had its official opening on Monday. The issue will close on 5 June or earlier in the event of an oversubscription. Majority of the applications have been from retail investors. Adam Investments Ltd., (AINV) was incorporated in 2011 by Deshabandhu Dr. Ali Asger Shabbir Gulamhusein. The companies that function under AINV are Adam Apparels Ltd., a premier manufacturer and exporter of garments for leading global fashion labels; Adam Metals Ltd., one of the oldest manufacturers of metal hardware items in the country; Network Communications Ltd. (NETCOM), an IT/electronics company. The Group also recently inaugurated two new companies, Adam Automobiles Ltd/ and Adam Air Conditions Ltd. AINV also holds 39.8% of Orient Garment Plc (OGL) and gained Board control during January 2014 and accounts for it as a subsidiary.

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