IPO lottery draw of VFS Thread today

FE Report | Published: July 19, 2018 10:37:06 | Updated: July 20, 2018 10:26:40


The initial public offering (IPO) lottery draw of VFS Thread Dyeing Ltd will be held today (Thursday), officials said.

The event will be held at the auditorium of the Institution of Engineers Bangladesh (IEB) in Dhaka at 10:30am.

After the lottery draw, result will be published on the websites of Dhaka and Chittagong Stock Exchanges, issue manager and the company.

VFS Thread Dyeing raised a fund worth Tk 220 million through the IPO under fixed price method.

The public subscription of the company was held between June 24 and July 02 through electronic subscription system.

The company's IPO was oversubscribed by more than 45 times as the company received about Tk 10 billion against public issue of Tk 220 million.

The securities regulator, Bangladesh Securities and Exchange Commission (BSEC), approved the IPO proposal on April 03 to issue 22 million ordinary shares at an offer price of Tk 10 each.

The proceeds will be utilised to purchase plant and machinery, repay bank loans and bear the IPO expenses.

According to financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) per share stood at Tk 19.90 (without revaluation) and the weighted average earnings per share (EPS) was Tk 2.02.

Citizen Securities & Investment and First Security Islami Capital & Investment are jointly working as the issue managers of the company's IPO.

Incorporated in 2010, the principal activities of the company are to carry on the business of dyeing and finishing of sewing thread of different types for 100 per cent export-oriented readymade garments industries in Bangladesh.

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