Dialing Out

Sri Lanka Telecom is set to open its share issue on November 12, with the listing dated scheduled for November 25.
A circular to stockbrokers from the issue managers DFCC says 225 million shares or 12.5 per cent of SLT would be offered to the public. rn

rnThe main board listed shares will be priced between Rs. 15.00 and Rs. 18.00, with indications strongly suggesting its would be closer to the floor price. rn

rnIndustry sources close to the issue managers say a final price will be determined after further market evaluation.rn

rnAnalysts say the IPO if issued at Rs. 15.00 will reek in Rs. 3.4 billion to the government, in line with its estimates for privatization proceeds. rn

rnThe big-ticket sale is vital for the government to meet its Rs. 21 bn target in privatisation receipts this year.rn

rnTo boost its valuation, SLT recently fully acquired cellular operator Mobitel by buying up Telstras 60 per cent stake for US$ 9.6 mn.rn

rnSLT already held 40 per cent shares of the mobile operator. rn