LTL Holdings Limited has decided to withdraw its initial public offering (IPO) application to the Colombo Stock Exchange (CSE), citing delays in opening the subscription list.

In a letter to the CSE dated 16 July, the company announced that its Board of Directors had resolved on 26 June to cancel the IPO, which aimed to raise Rs. 20 billion through the issuance of over 1.37 billion new ordinary voting shares at Rs. 14.50 per share.

The company attributed the withdrawal to the “prolonged time taken” in launching the IPO due to various reasons, without elaborating further.

As a result, LTL Holdings has committed to returning all application monies to investors on or before 30 July.

Applicants who submitted applications physically - via cheque, bank draft, or RTGS transfer - will have their applications deemed withdrawn. Refunds will be made either by courier or direct bank transfer, depending on the payment method.

Similarly, applicants who used the CSE Mobile App or CDS Web Portal will have their funds returned to the specified bank accounts.

LTL Holdings also confirmed that interest payments on application monies have already been made up to 10 December 2024, with further accrued interest calculated at 10.49% per annum up to 13 February.

From 14 February to 30 July, interest will be paid at 8.33% per annum, in line with the 91-day Treasury bill rate published by the Central Bank in January.