Dhaka, Bangladesh (BBN) - Share trading of IFAD Autos Limited (IAL), an auto mobile dealer begins on Thursday on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under ‘N’ category, officials said.
DSE trading code for IFAD Autos Limited is ‘IFADAUTOS’ and DSE company code is 13237. The CSE scrip id is 16031 and scrip code is IFADAUTOS.
The company got listing approval from the DSE on January 18 and the port city bourse on January 17.
The public subscription of IFAD Autos was held between November 23 to 27 for resident Bangladeshi and it was continued till December 6 for non-resident Bangladeshi (NRBs). A market lot is 200 shares.
The automobile dealer floated 21.25 million ordinary shares of BDT 10 each at an offer price of BDT 30, including BDT 20 as premium and raised a fund worth BDT 637.50 million from public.
Initial Public Offering (IPO) lottery of IFAD Autos was held on December 24, 2014. IPO subscription of the company was oversubscribed around 16 times as it received over BDT 10.23 billion against public issue of BDT 637.50 million.
As per financial statement for the year ended on June 30, 2014, the company’s earnings per share (EPS) stood at BDT 5.16 and net asset value (NAV) per share at BDT 44.12.
The proceeds from the IPO is being used for capital expenditure for assembling & body building units, bank loan repayment and IPO expenses.
Banco Finance and Investment and Alpha Capital Management jointly managed the initial public offering of IFAD Autos.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of IFAD Autos on September 18, 2014.
The principal activity and operation of IFAD Autos is importing, marketing, and body building of different models of Ashok Leyland's vehicles in Bangladesh through its own marketing staffs, dealers and selling agents in different districts across the country.
BBN/SSR/AD-05Feb15-11:46 am (BST)