Jetwing Symphony Limited (JSL) the investment arm of the Jetwing Hotels announced its plans to raise between Rs. 753 million to Rs. 904 million via an Initial Public Offering (IPO).
Accordingly, the company will offer 50,218,856 ordinary voting shares or 10% stake to the public at a price range of Rs 15, Rs 16, Rs 17 and Rs 18 per share.
The IPO is to be listed on the Diri Savi Board of Colombo Stock Exchange and the issue will open on the 14th, December. The proceeds of the IPO will be utilized for the development of upcoming Jetwing Kandy hotel while the remaining proceeds will be utilized for the settlement of debts and to rebalance the overall gearing mix in some of its properties.
The current portfolio of JSL includes , Jetwing Yala , Jetwing Kaduruketha, Jetwing Lake, Jetwing Surf and Jetwing Colombo Seven.
Commenting on the IPO, Chairman of Jetwing Hotels, Hiran Cooray said that the proposed IPO will enable the company to strengthen its position at the forefront of Sri Lanka’s growing tourism industry.
Cooray also stressed the need to come up with an aggressive destination marketing campaign to realise set targets of the local tourism industry.
“We have been pressurizing the government in this regard and once that happens the tourist number will go up and tourism will be the largest foreign exchange earner in the country in next five years.”
According Cooray, Jetwing is the only company that will solely concentrate on leisure sector in Sri Lanka and this will be the first time that the company will be inviting the public to be a part of its successful journey.
IPO is a significant millstone for the Jetwing family, Cooray said adding that.” there is a possibility that the group could move into other destinations such as Laos, Cambodia and Myanmar in the near future.
Jetwing also takes pride in nurturing the local community and its landscape to uplift their livelihood and foster their growth.
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