Dhaka, Bangladesh (BB) – Evince Textiles Limited (ETL) will make its share trading debut on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on Sunday under “N” category, officials said.
DSE trading code for Evince Textiles is “ETL” and DSE company code is 17472, while the CSE scrip ID is 12060 and scrip code is “ETL”.
Evince Textiles, which raised BDT 170 million through initial public offering under the fixed price method, will be the 45th listed firm in the textile sector that accounts for around 4.0 percent of the premier bourse’s total market capitalization.
The garment manufacturer floated 17 million ordinary shares at an offer price of BDT 10 each and raised BDT 170 million from the public.
IPO subscription of the company, which was held between May 01 and May 12, oversubscribed by 33 times as the company received around BDT 5.60 billion against IPO issue of BDT 170 million.
The securities regulator Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the Evince Textile on April 04 this year.
The regulatory approval to the IPO proposal of Evince Textiles is the first approval after the amendment of Public Issue Rules 2015.
According to the latest amendments to public issue rules, only the companies interested to offer their stocks at face value will be allowed to float IPO under the fixed price method, while the ‘book building’ method is mandatory for the companies willing to offer their primary shares at a premium.
Evince Textile has reported consolidated profit after tax of BDT 36.93 million and consolidated basic EPS of BDT 0.36 for the three months January to March 2016, as against consolidated profit after tax of BDT 33.10 million and consolidated basic EPS of BDT 0.32 for the same period of the previous year.
However, considering Post-IPO 120,000,000 number of shares, the company’s consolidated basic EPS for January-March period would be BDT 0.31 and consolidated NAV per share would be BDT 16.84 as on March 31, 2016.
The company will utilise the fund for boosting working capital and civil construction and modernising the machineries along with bearing the IPO expenses, according to the IPO prospectus.
LankaBangla Investments acted as the issue manager of the company’s IPO.