Access Engineering Limited today (15 March) announced the basis of allotment of its Rs 500 million IPO which was oversubscribed within few hours of its opening on March 6, 2012. According to the basis of allotment, all the retail investors and the investors who applied up to Rs. 10 million (400,000 shares) under the non-retail investor category were allotted 100% of the shares applied. Access Engineering raised Rs 4.5 billion in June 2011 through an issue of shares where the minimum investment was Rs. 10 million and with the allotment at the IPO, the company has been able to cater to small investors as well as high net worth investors in a fair manner.
Investors who applied for shares above 400,000 and up to and inclusive of 1,000,000 were allotted 90.53% of the shares applied whilst all other investors who applied for more than 1,000,000 shares were allotted 1,000,000 shares each. “The maximum limit on allotment for large investors was with a view to broad base our shareholding through full allotment being given to small and medium scale investors, since large investors at the Private Placement got the full allotment in accordance with the shares they applied for,” the Chairman of Access Engineering, Sumal Perera said.
Based on the Stock Exchange filing, 942 investors have applied for 30,644,400 shares at the IPO and 802 investors under the retail investor category were allotted 909,200 shares whilst the balance 19,090,800 shares were allotted to the investors who had applied under the non-retail investor category.
The shares of the company are expected to be listed on the Colombo Bourse towards the end of March 2012.