Dhaka, Bangladesh (BBN)-Evince Textiles Limited (ETL) allocated 17 million ordinary shares among successful applicants after the lottery of initial public offering (IPO) was held Thursday, officials said.
The lottery programme was held at 10.30 am at Raowa Club Community Center, Mohakhali in the city.
The IPO result is available on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.
Anwar-ul Alam Chowdhury, chairman of the Evince Group, inaugurated the lottery programme, where representatives of stock exchanges, issue manager and Central Depository Bangladesh Limited (CDBL) were present, among others.
IPO subscription of the garment manufacturer, which floated 17 million ordinary shares at an offer price of BDT 10 each, was held between May 01 and May 12.
The company’s IPO oversubscribed by 33 times as the company received around BDT 5.60 billion against IPO issue of BDT 170 million, officials said.

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on April 04, which raised a fund worth BDT 170 million under fixed price method.
The regulatory approval to the IPO proposal of Evince Textiles is the first approval after the amendment of Public Issue Rules 2015.
The company’s earnings per share (EPS) stood at BDT 1.62 and net asset value (NAV) at BDT 17.62, according to its audited report as on December 31, 2015.
The company will utilise the fund for boosting working capital and civil construction and modernising the machineries along with bearing the IPO expenses.
LankaBangla Investments is acted as the issue manager of the company.
Currently, 44 companies are listed in the textile sector, which accounts for about 4.0 per cent of DSE’s total market capitalisation.
Set up in 2003, Evince Textiles currently produces over a million yards of cotton shirting fabrics a month, according to the company’s website.

Evince Textiles is the Evince Group’s second listed company.
In 2013, the Evince Group’s Argon Denim was listed with bourses.