Luminex Limited announces upcoming IPO

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Luminex Limited has announced their plans for a Rs 250 million Initial Public Offering (IPO) of 31,250,000 ordinary shares at Rs 8 per share commencing on the 12 May 2022. The issue amounts to a 11.52 per cent stake of the company subsequent to the IPO. The amount of Rs 250 million raised from the IPO will be utilised to enhance the working capital to scale up by consolidating local operations. Navara Capital Limited are the financial advisors and issue managers.

Luminex Limited is leading engineering company and market leader in Telecom Infrastructure Engineering and also involved in electrical, civil and water projects as well.

The company has been in operation for well over 35 years and completed over 850 projects in the past 10 years. It is a leading telecom OSP (Outside Plant) construction partner for Sri Lanka Telecom and Dialog Axiata and a construction contractor for public and private entities. The company is empowered by a competent 570 in-house workforce across eight operation centres and 29 project offices at present.

Luminex has been certified as EM1 by the Construction Industry Development Authority (CIDA) in the main area of operation and it has also obtained the ISO 9001: 2015 Quality Management Certification awarded by DET NORSKE VERITAS (DNV).

The Company has recorded an annual turnover of Rs 2.55 billion for year 2020/2021 and after-tax profit of 295 million.  In the first nine months of the FY 2021/22 the company has recorded a turnover of Rs 2.48 billion and after-tax profit of Rs 453 million maintaining a healthy growth rate.