Over 200 applications for Adam Investments IPO

Wednesday, 21 May 2014 00:09 - - {{hitsCtrl.values.hits}}

The Adam Investments Ltd’s Rs. 400 million IPO which officially opened on Monday, has so far drawn over 200 applications though small value wise. The Company said by end of 19 May, it had received 211 applications with payments made by bank drafts and cheques requesting for 12.8 million shares worth Rs. 38.6 million. It has also received one application with payment by bank guarantee requesting for 8 million shares worth Rs. 24 million. The issue involves 133.3 million shares at Rs. 3 each. The IPO’s close is on 5 June unless oversubscribed before. Adam Investments Limited (AINV) was incorporated in 2011 by Deshabandhu Dr. Ali Asger Shabbir Gulamhusein. The companies that function under AINV are; Adam Apparels (Pvt) Ltd, a premier manufacturer and exporter of garments for leading global fashion labels, Adam Metals (Pvt) Ltd, one of the oldest manufacturers of metal hardware items in the island, Network Communications (Pvt) Ltd (NETCOM) an IT / Electronics company. The group recently inaugurated two new companies, namely Adam Automobiles (Pvt) Ltd and Adam Air conditions (Pvt) 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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