Luminex Limited announces upcoming IPO

Luminex Limited has announced its plans for an LKR 250 million Initial Public Offering (IPO) of 31,250,000 ordinary shares at LKR. 8/- per share commencing on May 12, 2022. The issue amounts to an 11.52% stake of the company after the IPO. The amount of LKR 250 million raised from the IPO will be utilized to enhance the working capital to scale up by consolidating local operations.

The company has been in operation for well over 35 years and completed over 850 projects in the past 10 years. It is a leading telecom OSP (Outside Plant) construction partner for Sri Lanka Telecom and Dialog Axiata and a construction contractor for Public & Private entities. The company is empowered by a competent 570 in house workforce across 8 operation centres and 29 project offices at present.

The Company has recorded an annual turnover of LKR 2.55Bn for the year 2020/2021 and an after-tax profit of 295 million. In the first nine months of FY 2021/22, the company has recorded a turnover of LKR. 2.48Bn and after-tax profit of LKR. 453 million maintaining a healthy growth rate.

Ruwan Fernando – Managing Director of Luminex commented: “We are pleased to list Luminex Limited on the Colombo Stock Exchange as part of our strategy to broad-base the ownership and to further enhance our brand equity. Luminex is geared to expand its operations beyond the shores of Sri Lanka.”

Jayasankha Alahendra, COO of Navara Capital commented “We believe the issue is attractively priced at 3.18 times PE based on the 9 months earnings for 31st December 2021. Luminex presents a favourable investment opportunity even in the currently depressed market conditions.”

Navara Capital Limited are the financial advisor and issue manager.