Jetwing Symphony Limited (JSL) announced the opening of its Initial Public Offering (IPO) on December 14, 2017 in a bid to raise between Rs. 753 million to Rs. 904 million. JSL intends to offer 50, 218, 856 ordinary voting shares to the public (a 10 percentage stake) at a price range of Rs. 15.00, Rs. 16.00, Rs. 17.00 and Rs. 18.00 per share and 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.
JSL’s current portfolio of hospitality properties offer eco-friendly and locally enriched experiences to Sri Lanka’s booming tourism industry. Its properties are also strategically located across the island to take advantage of the newest travel demands whilst providing travellers a holistic and truly Sri Lankan experience.
Under JSL, Jetwing Hotels introduced the first agro eco-luxury resort in Sri Lanka – Jetwing Kaduruketha , which is also home to a fifty-acre paddy field shared with 31 farming families of the nearby village, who are directly involved in cultivating paddy and distributing excess harvest to the local market. Jetwing Yala and Jetwing Lake, in Yala and Dambulla respectively house the largest solar park installations in the hotel sector generating, generating 40 percent of their daily electricity consumption needs. Jetwing Surf bagged the ‘Best Hotel Architecture Design’ Award at the recently concluded Property Guru – Asia Property Awards 2017 even before its opening and is also the Country’s first eco-luxury surf resort located in the East of the island.
Commenting on JSL’s IPO, Managing Director for Global Markets and Investment Banking from Capital Alliance Partners Limited, Deshan Pushparajah said, “We are pleased to invite the public to participate in a hitherto extremely successful family enterprise. The Jetwing family and its leadership team are fully invested in Sri Lanka’s tourism sector across disciplines of tours, experiential tourism and hotel management. 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.
Picture by Lalith Perera