Dhaka, Bangladesh (BBN)– Initial Public Offering (IPO) lottery of Paramount Textile Limited will be held on Thursday to allocate shares among the investors, officials said.

The lottery will be held at 10am at the Institution of Engineers, Ramna Dhaka. Bangladesh University of Engineering and Technology (BUET) will conduct IPO lottery.

Paramount Textile received BDT 8.69 billion against Public Issue of IPO of BDT 840 million, which is oversubscribed by 10.35 times. The public subscription of the company was held on September 1 to September 5 for resident Bangladeshis and September 1 to September 14 for non-resident Bangladeshis.

The Paramount Textile floated 30 million ordinary shares of BDT 10 each at an offer price of BDT 28, including a premium of BDT 18. A market lot is 250 shares.

According to the company’s IPO prospectus, the company will use the IPO proceedings to repay its term loans. The company has reported earning per share (EPS) at Tk 3.47, according to its financial reports for the year ended on 30 June, 2102.

After completing all procedures, the Paramount Textile will be the 31st listed company in the Textile sector in the Dhaka Stock Exchange (DSE) while it will be the 26th listed firm in textile and clothing sector in the port city bourse.

On June 27, 2013, the securities regulator – Bangladesh Securities and Exchange Commission (BSEC) – approved the IPO prospectus of Paramount Textile to raise Tk 840 million from public.

BBN/SSR/AD-03Oct13-10:19 am (BST)