Over 90% retail appetite for Alumex

Friday, 14 March 2014 06:52 - - {{hitsCtrl.values.hits}}

The recently-concluded IPO of Alumex Ltd. has drawn heavy retail appetite, reflecting that confidence is gradually returning to new issues from the larger base of investors. The issue worth Rs. 838 million offered 59.9 million ordinary voting shares at Rs. 14 each and consisted of 17.85 million new shares (6% stake post-IPO) and 42 million shares via offer for sale of vendor shares. The latter stake is 14% post-IPO). The IPO drew 846 applications via payments made by bank drafts and cheques and the worth was Rs. 793 million (around 95% of the IPO value) requesting for 56.639 million shares. There had been three applications with payments via bank guarantee. They have requested for 12.38 million shares worth Rs. 173.4 million. A leader in the aluminium extrusions industry Alumex was the 10th subsidiary of Hayleys Group to be listed in 22 years. Of the funds raised, Rs. 250 million goes for the company’s expansion and Rs. 588 million to existing major shareholders (via offer for sale of vendor shares). The latter will continue to own 76% post-IPO.

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