Dhaka, Bangladesh (BBN)-Zaheen Spinning Limited (ZSL) has got listing approval from Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) recently, officials said.
Trading date of Zaheen Spinning under ‘N’ category will be fixed after transferring shares to respective beneficiary owners’ (BO) accounts, said a DSE official.
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.
The IPO subscription of the company took place from December 28 to January 5 for resident Bangladeshi and it was continued till January 13, 2015 for non-resident Bangladeshi (NRB).
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 is being used for setting 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 acted 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 on June, 2014.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) - approved the IPO proposal of Zaheen Spinning on October 29, last year.
At present 39 textiles and garment companies are listed on the DSE, accounting for around 5.0 percent of the total market capitalisation.
Zaheen Spinning was established in 2008 at Ghowjara, Araihazar, Narayangonj industrial city in Narayangonj.
BBN/BB/AI-16Mar16-10:20pm (BST)