Dhaka, Bangladesh (BBN) – The initial public offering (IPO) lottery draw of the Bangladesh Submarine Cable Company Limited (BSCCL) was held at the Bangladesh Engineers’ Institution in the capital Dhaka on Wednesday.
The lottery was held only for Mutual Funds as general investors and Non Resident Bangladeshis (NRB) got IPO shares without lottery following under subscription.
The applicants who got IPOs urged to collect their share allotment letter on 24, 25 and 26 April from Dhaka Zilla Krira Samiti premises at 10am everyday.
Monwar Hossain chief executive officer of BSCCL, director Col. Shahriar Ahmed, representatives of DSE, CSE and CDBL were present.
Earlier, Bangladesh Submarine Cable Company raised BDT 1.085 billion from public floating 31 million ordinary shares of BDT 10 each at an offer price of BDT 35 each, including BDT 25 as premium.
The IPO proceedings will be used in repaying loans taken from Islamic Development Bank and meeting working capital. The working capital will be used in setting up another substitute cable line to acquire bandwidth and ensure uninterrupted voice and data supplies, officials said.