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AND Telecom's IPO lottery draw Thursday

FE Online Report | Published: November 27, 2019 20:42:59 | Updated: November 29, 2019 10:47:14


AND Telecom Ltd,  which raised a fund worth Tk 570 million through book-building method, is set to hold initial public offering (IPO) lottery draw on Thursday.

The lottery draw of the company will be held at 10:30am at the Institute of Engineers, Bangladesh (IEB) in Dhaka.

After the lottery draw, IPO result will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company, officials said.

The company raised a fund worth 570 million from the capital market using the book building method.

The subscription of IPO of ADN Telecom was opened between November 4 and November 11 for resident and non-resident Bangladeshis.

The securities regulator – Bangladesh Securities and Exchange Commission on September 3, this year approved the company’s IPO proposal.

Earlier, the cut-off price on the IPO of ADN Telecom was fixed at Tk 30 per share.

Under the public issue rules, of the total 19.71 million IPO shares of AND telecom, 11.87 million will be issued to EIIs at Tk 30 each while 7.91 million shares will be allocated to the general and NRB investors at Tk 27 each, a 10 per cent discount on cut-off price.

ADN Telecom will use the IPO proceeds in infrastructure development, installing data centre, paying bank loans and meeting the IPO expenses.

As per the entity’s audited financial statements for the year ended on June 30, 2018, the company’s net asset value per share and basic earnings per share were Tk 18.80 and Tk 2.67 respectively.

ICB Capital Management Limited is the issue manager of the company’s IPO.

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