Dhaka, Bangladesh (BBN) - Initial Public Offering (IPO) lottery of IFAD Autos Limited (IAL) will be held today (Wednesday) to allocate shares among the investors, officials said.
The lottery will be held at 10:30am at Seminar Hall of the Institution of Engineers, Bangladesh (IEB), Ramna, Dhaka.
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.
Total subscription received over BDT 10.23 billion against public issue of BDT 637.50 million which is over subscribed by 16.05 times.
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 will be used for capital expenditure for assembling & body building units, bank loan repayment and IPO expenses.
Banco Finance and Investment and Alpha Capital Management jointly manage the initial public offering of IFAD Autos.
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal on September 18 this year.
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-24Dec14-10:10 am (BST)