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ML Dyeing Ltd will allocate 20 million ordinary shares among the successful applicants as the company’s initial public offering (IPO) lottery draw was held on Thursday.
The IPO lottery draw was held at 10:30am at the Institution of Engineers, Bangladesh (IEB) in Dhaka.
The result has been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), issue managers and the company.
The ML Dyeing floated 20 million ordinary shares at an offer price of Tk 10 each to raise a fund worth Tk 200 million from the capital market under the fixed price method.
The market lot was 500 shares and an investor deposited Tk 5,000 for one lot.
The required amount (per lot) in foreign currency for NRBs and foreign applicants is US$ 60.28 or GBP 45.24 or EUR 51.50, according to Dhaka Stock Exchange (DSE).
According to the financial statements for the year ended on June 30, 2017, the net asset value (NAV) per share of the company stood at Tk 23.17 and earnings per share (EPS) Tk 1.58.
The IPO proceeds would be used to purchase machinery and bear the expenses of the IPO process.
NBL Capital and Equity Management Limited and Rupali Investment are jointly working as the issue manager for the IPO.
Located at Bhaluka in Mymensingh, the company produces Hanks Dyeing, Acrylic Yarn, Cotton Yarn, Cone Dyeing and Piece Dyeing for the export-oriented garment industry.
ML Dyeing is one of the fast growing and leading textile processing units in Bangladesh and well known for quality dyeing of all type of sweater and knit yard including piece dyeing with all original harmonic effects, according to its website.