Dhaka, Bangladesh (BBN)-The Initial Public Offering (IPO) subscription of Shurwid Industries Ltd hit around 42 times high as the company’s public subscription ended on June 21.
The total amount of subscription is around BDT 5.92 billion against demand offer of BDT 140 million.
Of the total subscription amount – BDT 5.88 billion received from resident Bangladeshi while BDT 29.90 million from non-resident Bangladeshi (NBR).
IPO lottery is expected to hold on July 10 at the Institution of Engineers in Ramna of Dhaka to allocate shares among the investors, officials said.
IPO subscription of Shurwid Industries was held on June 8 to June 12, this year for resident Bangladeshi while it continued till June 21 for non-resident Bangladeshi.
Under the fixed price method, the Shurwid Industries floated 14 million ordinary shares at an offer price of BDT 10 each and raised a fund worth BDT 140 million.
As per the financial statement for the year ended on June 30, 2013, the earnings per share (EPS) and net asset value (NAV) of Shurwid Industries are of BDT 1.09 and BDT 14.11 respectively.
ICB Capital Management acted as the issue manager of the Shurwid Industries’ IPO.
Earlier on April 1, this year, the Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Shurwid Industries to raise a fund worth Tk 140 million from public.
Shurwid Industries Ltd produced mainly PVC/PP/HIPS Pharma and food grade products, according to its website.
BBN/BB/ANS-23June14-7:00pm (BST)
