LTL Holdings Limited has decided to withdraw its Initial Public Offering (IPO) application to the Colombo Stock Exchange (CSE), citing delays in opening the subscription list.

In a letter to the CSE dated July 16, the company announced that its Board of Directors had resolved on June 26 to cancel the IPO, which aimed to raise LKR 20 billion through the issuance of over 1.37 billion new ordinary voting shares at LKR 14.50 per share.

The company attributed the withdrawal to the "prolonged time taken" in launching the IPO due to various reasons, without elaborating further. As a result, LTL Holdings has committed to returning all application monies to investors on or before July 30, 2025.

Applicants who submitted applications physically—via cheque, bank draft, or RTGS transfer—will have their applications deemed withdrawn. Refunds will be made either by courier or direct bank transfer, depending on the payment method. Similarly, applicants who used the CSE Mobile App or CDS Web Portal will have their funds returned to the specified bank accounts.

LTL Holdings also confirmed that interest payments on application monies have already been made up to December 10, 2024, with further accrued interest calculated at 10.49% per annum up to February 13, 2025. From February 14 to July 30, interest will be paid at 8.33% per annum, in line with the 91-day Treasury Bill rate published by the Central Bank in January 2025.

The company expressed its gratitude to all investors who had applied for shares and invited further inquiries via email (ipo@ltl.lk) or telephone (+94 11 269 5007 / +94 74 091 0709).