Sri Lanka’s Jetwing Symphony announces Rs.900Mn IPO

Dec 06, 2017 (LBO) - Jetwing Symphony Limited (JSL), the investment arm of the group announced the opening of its Initial Public Offering (IPO) on December 14, 2017 in a bid to raise between 753 million to 904 million rupees. JSL intends to offer 50, 218, 856 ordinary voting shares to the public (a 10 percentage stake) at a price range of 15.00, 16.00, 17.00 and 18.00 rupees per share. Capital Alliance Partners Limited (CAL) is the Manager to the Issue. Incorporated in 2007, JSL will function as the Jetwing Group’s investment arm for the future. Its current portfolio includes Jetwing Yala (Yala), Jetwing Kaduruketha (Wellawaya), Jetwing Lake (Dambulla), Jetwing Surf (Pottuvil Point) and Jetwing Colombo Seven (Colombo). Funds raised from the IPO will go towards adding a property in Kandy - Jetwing Kandy Gallery - and towards rebalancing the overall gearing mix in some of its properties.
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Commenting on JSL’s IPO, Managing Director for Global Markets and Investment Banking from Capital Alliance Partners Limited, Deshan Pushparajah said, this breadth of exposure adds significant synergies to JSL. This is evidenced in how JSL’s first property – Jetwing Yala, turned profitable after just 18 months of opening its doors. We are confident this sole ‘pure play’ status in the hospitality and leisure sector will attract like-minded investors.” Jetwing Symphony recorded a commendable revenue growth of 44.5 percent to Rs. 734.7 million during the financial year 2016/17 in comparison to the Rs. 508.4 million earned during the previous financial year. The IPO listing prospectus for Jetwing Symphony is made available for potential investors on the Colombo Stock Exchange website www.cse.lk and on the Jetwing Symphony website www.jetwingsymphony.com.