Dhaka, Bangladesh (BBN)-IPO lottery of Zaheen Spinning Limited (ZSL) will be held Monday to allocate shares among the investors, officials said.
The lottery will be held at 10:00am at Seminar Hall of the Institution of Engineers, Bangladesh (IEB) in Dhaka.
IPO subscription of Zaheen Spinning Limited (ZSL) was held between December 28 last year to January 5 this year for resident Bangladeshi and it was continued till January 13 for non-resident Bangladeshis (NRBs).
Using the fixed price method, the yarn manufacturer floated 12 million ordinary shares of BDT 10 each and raised a fund worth BDT 120 million from public.
IPO subscription of the company oversubscribed around 74 times.
The company received around BDT 8.87 billion against public offer BDT 120 million.
The fund raised through the public offerings will be used to set up a new plant, purchase machinery and to meet the expenses of IPO proceedings, according to the company’s IPO prospectus.
MTB Capital Limited is acting as issue manager of the IPO of Zaheen Spinning. The company’s earnings per share (EPS) stood at BDT 1.01 and net asset value (NAV) at BDT 12.59 per share as of June 30 last year.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) – approved the IPO proposal of Zaheen Spinning on October 29 last year.
Zaheen Spinning started journey in 2008 at Ghowjara in Narayangonj.
The Zaheen Spinning is committed to produce fine quality cotton yarn from different counts, 100 percent, cotton yarn normal or high bulk.
The yarn is used in different end markets such as knitwear, fabrics, socks and weaving, according to company’s website.
BBN/BB/ANS-1Feb15-8:20pm (BST)