Jetwing plans up to $37 mln IPO

Sri Lankan family-owned leisure and tourism group Jetwing plans to raise up to 4 billion rupees ($36.5 million) through an initial public offering to fund tourism expansion in the island nation. “We need about 8 billion rupees for new properties. We want to have the control, so we might consider 3 to 4 billion on IPO,” Jetwing chairman Hiram Cooray told Reuters on Monday. Cooray said the company planned to build two hotels in the north and east, where a 25-year civil war ended two years ago, and funds will be raised through a private placement in the next three months before the IPO. Jetwing manages 12 hotels including 10 of its own, a motel in New Zealand, and luxury villas in Vietnam and Cambodia. The end of the war in May 2009 has boosted the $50 billion economy’s leisure industry, with visitor arrivals rising every month, on a year-on-year basis, since then.

Source: http://forum.srilankaequity.com/t5855-jetwing-plans-up-to-37-mln-ipo