Dhaka, Bangladesh (BBN)-The initial public offering (IPO) lottery of Evince Textiles Limited (ETL) will be held on June 2 next to allocate 17 million ordinary shares among the successful applicants, officials said.
The lottery programme will be held at 10:00am at the Raowa Club Community Center, Mohakhali in Dhaka.
After the lottery progmme, IPO result will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.
The public subscription of the garment manufacturer was held between May 01 and May 22.
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.
According to the BSEC approval, Evince Textiles offload 17 million ordinary shares at an offer price of BDT 10 each.
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 Dhaka Stock Exchange’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.