CL Synergy withdraws Rs. 1.28 b IPO

Logistics specialist CL Synergy has decided to withdraw its planned Rs. 1.28 billion IPO.

Originally it was to divest 36% stake by offering 63 million new shares and selling 28.5 million existing shares at Rs. 14 each. It was to open on 7 April and the company on 1 April announced the first postponement.

In a filing to the CSE yesterday, CL Synergy said given the prevalent unfavourable economic, political, social and financial situation in the country, the Board of Directors reluctantly decided to withdraw the IPO.

“As the company’s earnings performance has exceeded the forecast, the company now has very positive cash flows and the Balance Sheet has been further strengthened by the foreign exchange gains. If and when a conducive opportunity arises for a listing in the future, the company may submit a fresh Listing Application to the CSE,” CL Synergy added.