Dhaka, Bangladesh (BBN)-IPO lottery of United Power Generation & Distribution Company Limited will be held Thursday to allocate shares among the investors, officials said.
The lottery will be held at 10:30am at the Institution of Engineers, Bangladesh, in Dhaka, said a press statement published on Chittagong Stock Exchange (CSE) site on Wednesday.
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC) – had given its consent to United Power Generation & Distribution Company to go public under book building method (BBM) in November last year.
Under the book building method, United Power Generation & Distribution Company offloaded 33 million ordinary shares at an offer price of BDT 72, including a premium of BDT 62 for each BDT 10 share.
The company raised a fund worth above BDT 2.37 billion for redemption of its preference shares, repayment of bank loans, and meeting IPO processing expenses.
Successful institutional investors got 40 percent of the offloaded shares, whereas small investors, mutual funds (MFs), non-resident Bangladeshis (NRBs) and general investors got the remaining 60 percent shares.
The public subscription of the company was held between January 18 to January 22 for resident Bangladeshi and it was continued till January 31 for non-resident Bangladeshi (NRBs).
The company’s IPO subscription is over subscribed by 5.87 times as the company received over BDT 8.37 billion against public issue of over BDT 1.42 billion.
As per the audited financial statement for the year ended on December 31, 2013, the company’s earning per share (EPS) and net asset value (NAV) are BDT 5.98 and BDT 23.64 respectively.
LankaBangla Investments is the issue manager and ICB Capital Management is the registrar to the issue.
BBN/BB/AS-18Feb15-8:30pm (BST)