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Walton Hi-Tech Industries Limited will make its debut trading Wednesday (September 23) on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under the ‘N’ category.
The DSE trading code for Walton Hi-Tech is ‘WALTONHIL’ and DSE company code is 13,248 while the CSE scrip ID is 16,041 and scrip code is ‘WALTONHIL’, according to an official disclosure on Monday.
Walton Hi-Tech Industries, which received regulatory approval from Bangladesh Securities and Exchange Commission (BSEC) on June 23 this year, raised a fund worth Tk 1.0 billion from the capital market under book-building method.
The company’s initial public offering (IPO) subscription was held between August 9 and August 16. The company’s IPO lottery draw was held on September 6 using a digital platform due to the ongoing Covid-19 pandemic.
As per the regulatory approval, the eligible investors got 1.38 million shares of the company at the cut-off price of Tk 315 each, fixed earlier through electronic bidding.
The general investors, including non-resident Bangladeshis, got 1.55 million IPO shares at Tk 252 each, a 20 per cent discount on cut-off price, as the company gave 10 per cent extra discount considering the interest of the capital market and small investors.
The IPO proceeds will be utilised for expansion of its businesses, repay bank loans and meeting the IPO related expenses.
Walton Hi-tech's pre-IPO paid-up capital is Tk 3.0 billion and authorised capital is Tk 6.0 billion.
As per the entity’s audited financial statements for the year ended on June 30, 2019, its net asset value (NAV) per share was Tk 243 (with revaluation) while basic earnings per share (EPS) was Tk 45.87.
AAA Finance and Investment Ltd is the issue manager of the company’s IPO.
Founded in 1977, Walton Hi-Tech Industries began manufacturing refrigerators, freezers, air-conditioners and compressors in early 2008.