B P P L Holdings Limited (BPPL) is set to raise Rs. 368,220,000 through an Initial Public Offering (IPO) of 30,685,000 shares priced at Rs. 12 per share representing a 10% stake in the company. At the Issue price, market capitalization is Rs. 3.7 billion.
The offer will be a sell down of shares from Hirdaramani Investment Holdings (Pvt) limited who will lower its ownership in BPPL to 13.4% from 23.4%. Infinity Capital (Pvt) Limited and LOLC Investments Limited will retain their 50.3% and 26.3% shareholdings respectively in the company.
The current shareholders will remain locked-in for a minimum of 12 months from the initial listing.
The IPO will also broad-base ownership of the privately held business that has grown exponentially over the years.The Issue will open on March 7, 2017 and will close on March 24, 2017 unless oversubscribed prior to the closing date.
CT CLSA Capital (Pvt) Ltd. is the Financial Advisors and Managers to the Issue. The Prospectus and application forms will be available from February 21, 2017.
Commenting on the IPO Dr. Anush Amarasinghe, Chief Executive Officer of BPPL, said, “We have ambitious plans chalked out for BPPL and are well on our way to achieving them. This IPO presents an exceptional investment opportunity for the public as we are well positioned to achieve tremendous growth through future strategic expansion activities. As we pledge to boldly push horizons in our quest for perfection, this IPO is also an affirmation of our conviction to do things better and in a responsible manner.”
BPPL is the parent company of the Beira Group of Companies.
It was established in 1991 following the transfer of activities from Interbrush Lanka Limited, which was founded in 1984. Beira Brush (Pvt) Limited and Beira Enviro Solutions (Pvt) Limited are subsidiary companies of B P P L Holdings Limited.
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