Dhaka, Bangladesh (BBN)-Initial Public Offering (IPO) lottery of Tung Hai Knitting and Dyeing, a textile maker, will be held on Thursday (19 June) to allocate shares among the investors, officials said.
The lottery will be held at 10:30am at the Institution of Engineers, Bangladesh in Ramna of Dhaka.
Bangladesh University of Engineering and Technology (BUET) will conduct IPO lottery.
The IPO subscription was held on May 18 to May 22 for resident Bangladeshis, while it was continued till May 31, 2014 for the non-resident Bangladeshis (NRBs).
Tung Hai Knitting and Dyeing received over Tk 8.70 billion against Public Issue of IPO of Tk 350 million, which is oversubscribed by 25 times.
Using the fixed price method, the company floated 35 million ordinary shares of BDT 10 each and raised a fund worth BDT 350 million from the public. A market lot is 500 shares.
The textile maker will use the fund to meet working capital needs, purchase machinery and pay the bank term loans, according to its prospectus.
AFC Capital and Imperial Capital managed the IPO of the Tung Hai Knitting and Dyeing, according to the IPO prospectus statement.
The company’s earnings per share stood at BDT 1.15 and net asset value per share at BDT 13.73 on December 2012.
The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) – approved the IPO prospectus of Tung Hai Knitting and Dyeing on February 18, 2014.
BBN/BB/ANS-16June14-7:45pm (BST)
