JAT’s Rs. 2.2 b IPO oversubscribed

The Rs. 2.2 billion-worth JAT Holdings Ltd. Initial Public Offer (IPO) was oversubscribed on its official opening day and subsequently closed. 

The company said it had received applications for over Rs. 2.2 billion and accordingly the IPO was closed at 4:30 p.m. yesterday as per the prospectus. 

Commenting on the development, Colombo Stock Exchange CEO Rajeeva Bandaranaike said: “We are happy to welcome JAT Holdings as the 10th new listing and fourth equity listing for 2021 on the CSE with a successful equity IPO. 2021 has been a significant year for the CSE as the capital market has facilitated Rs. 69.65 billion of capital raised so far. We are confident of this growth trajectory in establishing the CSE as a facilitator of capital.”

JAT Holdings IPO involved 82.9 million shares at Rs. 27 each inclusive of 55.8 million shares as offer for subscription and 27 million shares as offer for sale. Funds via the IPO will be used for several key growth initiatives including a manufacturing plant in its biggest export market Bangladesh, foray into East Africa, a world class R&D centre and strengthen market and development initiatives.

The exact amount of oversubscription will be disclosed shortly. 

Financial advisors and managers to the IPO are NDB Investment Bank and Capital Alliance Ltd.