Public trading of shares of Cable Solutions Limited on the Diri Savi Board of the Colombo Stock Exchange (CSE) will commence on the 14th of August 2024, under the ticker symbol CSLK. The initial public offering (IPO) of shares of Cable Solutions Limited – Sri Lanka’s leading specialised manufacturer of integrated cables – received active, broad-based interest from diverse investors and was oversubscribed on IPO opening day.
Managed by Asia Securities Advisors (Private) Limited, the issue saw subscriptions for 14,666,600 new ordinary voting shares of the company, together with the sale of an existing 66,120,000 shares of the company by four of its non-majority shareholders. As a result, the company was able to successfully raise LKR 109,999,500/- by way of its offer for subscription with the remaining funds being utilised to accommodate a partial sale from minority shareholders. The company intends to utilise its IPO funds for capital expenditure towards new machinery (81.8%) and working capital (18.2%).
Founded in 2008, Cable Solutions Limited is a subsidiary of ACL Cables PLC, and has expanded its footprint across international markets, with exports accounting for a substantial 94% of its LKR 3.3-billion revenue in FY2023. Serving clients in 13 countries including the USA, UK, Germany, and India, the company’s extensive global presence underscores its ability to meet stringent international standards and adapt to diverse customer needs.