SK Trims publishes IPO lottery results

FE Report | Published: June 13, 2018 10:44:08 | Updated: June 16, 2018 11:40:46


SK Trims and Industries will allocate 30 million ordinary shares among the successful investors.

The IPO lottery draw was held at the auditorium of Institute of Engineers, Bangladesh (IEB) in Dhaka on Tuesday.

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The result has been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), issue manager and the company.

Under the fixed price method, SK Trims raised Tk 300 million from the capital market through the initial public offering (IPO).

SK Trims, which received approval from the Bangladesh Securities and Exchange Commission (BSEC) in February, floated 30 million ordinary shares at an issue price of Tk 10 each.

The IPO subscription of the company was opened on May 14 and closed on May 22 for resident and non-resident Bangladeshis.

The company will use the IPO fund for procurement of capital machinery, equipment and raw materials, and to meet up the IPO expenses.

As per the entity's audited financial statements for the year ended on June 30, 2017, the company's net asset value per share and weighted average earnings per share were Tk 12.79 and Tk 1.31 respectively.

The company's pre-IPO paid-up capital is Tk 400 million and authorised capital is Tk 1.0 billion.

SK Trims & Industries, which started its commercial operation in 2014, engaged in manufacturing of all kinds of swing thread, elastic, poly, carton, photo card, back board, bar code etc for export-oriented garments industry.

Imperial Capital Limited and BMSL Investment Limited are jointly working as issue manager of the company's IPO.

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