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Chrissworld Ltd. to raise Rs 56.25 m via IPO

11 Apr 2021

By Zahida Rizvi   Chrissworld Ltd. (CWL), an SME engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange (CSE). The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will be open on 27 April, with Atara Capital Partners representing the company as the managers to the issue. Meanwhile, the CSE noted in a statement last evening (4) that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE. The company,  starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million, and projects to obtain Rs. 79 million after the IPO. Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., the subsidiary company of CSE, will step in for the first time as the registrar for the issue. Atara Capital, acting as the managers to the issue, is a company resourced to undertake assignments on securitisations, issuances of commercial paper, promissory notes, interest rate swaps, loan syndications, structuring placement and issuance of Islamic finance products, REITs and structured warrants in the public or private domain. Atara Capital will guide CWL in the listing of shares on the CSE, both from a strategic point of view and in terms of preparation of documentation (Legal and Regulatory), preparation of valuation reports, offer specific guidance, and execute all related tasks of an IPO.  CWL provides professional services primarily in warehousing, inventory management, distribution/transportation, and value-added services to corporate clients in different industry verticals, as well as to individuals that require such services. In addition, it provides value added end-to-end solutions to the supply chain of Sri Lanka’s manufacturing industry, as well as to the import/export trade.  CWL handles logistics services for cargo comprehensive service range of storage, handling, distribution, and value-added services are provided to clients, deploys its resources to provide such services, and handles consultation on supply chain management for clients that seek professional advice on planning of storage, handling, and transportation. The parent company of CWL is Chrisslogix (Pvt.) Ltd., currently holds 96.66% of ordinary voting shares of the company. 


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