Within minutes of its opening, Ex-Pack Corrugated Cartons Ltd’s LKR 700 million Initial Public Offering (IPO) was oversubscribed yesterday.
The IPO offered 83,333,333 ordinary voting shares for the price of LKR 8.40 per share. The IPO was jointly managed by Capital Alliance & Asia Securities.
Ex-Pack plans to use the funds raised by the IPO to complete an LKR 3 billion ultramodern production facility. This new facility will enable the company to increase its monthly capacity from 2750 tons to 4000 tons. The project is set to be completed by 2025, and it will allow Ex-Pack to accept larger orders which they have refused to comply with due to lack of necessary facilities.
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