CL Synergy Limited has received approval from the Colombo Stock Exchange (CSE) for its Initial Public Offering, which is due to open on April 7.
The anticipated IPO by one of Sri Lanka’s leading, fast-growing freight forwarding solutions providers with a strong industry presence, will issue an offer for subscription of 63 million new ordinary voting shares and sale of 28.5 million existing ordinary voting shares, at an offer price of Rs. 14.00 per share.
Managed by Acuity Partners (Pvt) Limited, the issue will offer a total of 91,500,000 shares to raise Rs. 1,281,000,000 in funds.
Managing Director of CL Synergy, Roshan Silva said, “With over 17 years in the freight forwarding industry, we have evolved into a holistic, end-to-end freight forwarding solutions provider with a strong presence in the local and international markets, and have no intentions of slowing down.
“We work with an array of prestigious local and international clients across several export oriented industries, and we have built strong relationships with these customers by always going the extra mile. We are extremely pleased to present our IPO, as we gear up for the next stage in our strategy, further allowing us to onboard a wider group of stakeholders on our exciting journey to go above and beyond boundaries,” he said.
The company expects to be listed on the Main Board of CSE. Sixty-five percent of the Company’s revenue is generated in USD whereas 70% of the revenue comes from the Company’s export-oriented clientele.