Dhaka, Bangladesh (BBN)-Zaheen Spinning Ltd (ZSL) will make trading debut Wednesday on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under ‘N’ category, officials said.
DSE trading code for Zaheen Spinning is ‘ZAHEENSPIN’ and DSE company code is 17467 while CSE scrip id is 12055 and scrip code is ‘ZAHEENSPIN’.
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 the public.
IPO subscription of the company took place December 28, 2014 to January 5, 2015 for resident Bangladeshi and it was continued till January 13 for non-resident Bangladeshi (NRB).
The company’s IPO oversubscribed around 74 times as the company received around BDT 8.87 billion against public offer of 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 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 on June, 2014.
Zaheen Spinning was established in 2008 at Ghowjara, Araihazar, Narayangonj industrial city 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/AD-25Mar15-11:50am (BST)