Dhaka, Bangladesh (BBN)– Yeakin Polymer Limited (YPL) published the initial public offering (IPO) lottery result on Wednesday after holding the lottery, officials said.
The company will allocate 20 million ordinary shares among successful applicants.
The lottery programmee was held at 10:30am at the Institution of Engineers, Bangladesh (IEB) in Dhaka. The lottery result has already been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.
Yeakin Polymer, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on May 19, floated 20 million ordinary shares of BDT10 each and raised BDT 200 million from public using fixed price method.
IPO subscription of the Khulna-based polypropylene (PP) woven bag manufacturer was held between July 10 and July 20 for resident and non-resident Bangladeshis.
The company’s IPO subscription hit 44.55 times high as the company received above BDT 8.91 billion against public issue of BDT 200 million.
Yeakin Polymer is the second IPO under the fixed price method after the latest amendment to public issue rules 2015.
The company will utilize the funds from the initial public offering to purchase machinery 66.88 percent, construct a factory and administration building 26.47 percent and IPO expenses 6.65 percent, according to the IPO prospectus.
As per the financial statement for the year ended June 30, 2015, the company’s earnings per share (EPS) stood at BDT 1.41 and net asset value (NAV) per share of BDT 14.61.
Imperial Capital and FAS Capital Management jointly managed the Yeakin Polymer’s IPO.
The company’s pre-IPO paid-up capital is BDT 390 million and authorized capital is BDT 1,000 million, according to the IPO prospectus.
Incorporated in 2001 as a public limited company, Yeakin Polymer is engage in manufacturing and marketing of PP Woven Bag, Fabric and Liner. The manufacturing unit is situated at Khulna in the southwest region of Bangladesh.