Dhaka, Bangladesh (BBN)-The initial public offering (IPO) subscription of Tung Hai Knitting and Dyeing, a textile maker, saw 23 times high against its demand offer, according to the Chittagong Stock Exchange (CSE).
Tung Hai Knitting and Dyeing received around BDT 8.37 billion against its demand offer of BDT 350 million.
Of the total subscription, the company earned BDT 8,335.82 million from general investors while BDT 30.65 million from Non Resident Bangladeshi (NRB), said a statement posted on the CSE website on Monday.
The IPO subscription of Tung Hai Knitting and Dyeing was held from May 18 to May 22 for resident Bangladeshi while it was continued till May 31 for NRB.
Using the fixed price method, the company floated 35 million ordinary shares of BDT 10 each to raise BDT 350 million from the public. The 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.
AFC Capital and Imperial Capital acted as issue managers of the company’s IPO.
The company’s earnings per share (EPS) stood at BDT 1.15 and net asset value per share at BDT 13.73 as on December 2012.
BBN/BB/AD-03June14-10:00am (BST)