June 07, 2010 (LBO) – Sri Lankan retailer Odel plans to raise 250.5 million rupees through an initial public offer, according to a Colombo Stock Exchange statement. The company, a clothing and fashion products retailer, will issue 16.7 million ordinary voting shares at 15 rupees a share with subscriptions opening on July 5, the Colombo Stock Exchange said.
It said the CSE has approved in principle the listing of the ordinary voting shares of Odel Ltd. on the bourse’s ‘Diri Savi’ board, where listing rules are less stringent than the main board.
Lead manager to the offer is CT Capital and registrars SSP Corporate Services.
The Odel prospectus is to be delivered to brokers by June 22.
Odel is a well-known brand in the island that has also begun venturing overseas.
The firm opened a fashion accessories store for women in Singapore last year with more overseas outlets planned and also plans to enter the Maldives and India.