Dhaka, Bangladesh (BBN)-Initial Public Offering (IPO) lottery of Information Technology Consultants Ltd begins at 10:30am Thursday for allotment of IPO shares among the successful applicants, officials said.
The IPO lottery program is going on at Institution of Engineers, Bangladesh (IEB) in Dhaka, where the high officials of the company, representatives of stock exchanges, issue manager, Central Depository Bangladesh and applicants are present, among others.
IPO subscription of the Dhaka based IT Company took place between November 2 and November 12.
The IT Consultants floated 12 million ordinary shares at an offer price of BDT 10 each and raised BDT 120 million from the public.
A market lot is 500 shares.
The company received around BDT 8.05 billion against public offer of BDT 120 million, meaning oversubscribed by 67 times.
The company will use the IPO funds for expansion of business, repayment of bank loans along with bearing the expenses of IPO proceedings, according to IPO prospectus.
As per the audited financial statement for the year ended on June 30, 2014, the company’s EPS and NAV are BDT 1.04 and BDT 18.28 respectively.
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of the IT Consultants on September 22, this year.
Betaone Investments Limited is acting as issue manager for the IPO.
Established in 2000, the company provides to major banks, financial institutions, government organizations and retailers with an advanced infrastructure for transaction processing services while operating one of the largest banks driven independent ATM network in Bangladesh, according to company’s website.