Walton Hi-Tech Industries Limited (WHIL) will hold a road show for eligible institutional investors on January 15 as the company intends to go public, according to a statement.
The road show will be held at 6:30 pm at Walton Corporate Office at Bashudhara Residential Area's Plot No. 1088, Block-I, Sabrina Sobhan 5th Avenue under Vatara in the capital.
Eligible institutional investors will get detailed information about the company as per the rules of Public Issue 2015 of the Bangladesh Securities and Exchange Commission.
The electronics manufacturer aims to collect Tk 1.0 billion from the capital market through initial public offering using the book building method for the purpose of factory expansion, modernisation, research and development, repaying partial bank loans and meeting initial public offering (IPO) expenses.
As of the July to September period of the current fiscal year 2018-19, the company registered its EPS (Earnings Per Share) and NAV (Net Asset Value) at Tk 10.41 and Tk 208 respectively.
Currently, the authorised and paid-up capital of the company are Tk 6.0 billion (600 crore) and Tk 3.0 billion (300 crore) respectively.
AAA Finance and Investment Limited has been appointed as the issue manager of the company and Prime Bank Investment Limited has been appointed as the registrar.
Md Yakub Ali, company secretary of Walton, said Bangladesh became a successful model in terms of hi-tech products manufacturing in the world. Walton turned into the customers' top brand and secured the highest credit rating standard 'AAA', he added.
Inviting the eligible institutional investors to the IPO road show, he said Walton is playing a remarkable role in the gross domestic product (GDP) growth rate, employment creation, foreign currency earnings and savings, use of green technology and spread of sports.
Abul Bashar Hawlader, chief financial officer and executive director of Walton, said the company became a full-fledged electronics and electrical appliance manufacturer with innovative designs. It was established as the customers' trusted brand.
He noted that the brand was working with the aim of becoming a global player by 2021.
Uday Hakim, deputy executive director of Walton, said Walton prepared a roadmap to be the best global player. To this extent, the company organised international seminar.
A road show is a requirement under the book building regulations before price discovery. Book building is a process through which an issuer attempts to determine the price to offer for its security based on demand from institutional investors.
Eligible institutional investors like merchant bankers, asset management companies, stock dealers, banks, mutual funds and collective investment scheme, financial institutions, insurance companies, alternative investment fund managers and other institutions approved by the commission will participate in the event.