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Bashundhara IPO lottery May 30

Bashundhara IPO lottery May 30

The initial public offering (IPO) lottery of Bashundhara Paper Mills Ltd will be held on May 30 to allot ordinary shares among the successful applicants.
The lottery programme will be held at 10:30am at International Convention City Bashundhara hall-1 (ICCB) in the city.
The IPO result will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company after the lottery.
IPO subscription to the company was open to resident and non-resident Bangladeshis during the period of April 30 to May 09.
Company sources said that the total applications by the general investors are nine times higher than the shares earmarked for the investors.
Bashundhara Paper Mills will raise Tk 200 crore capital by issuing 2,60,41,667 ordinary shares. Of the total shares of 1,56,25,000 will be issued to eligible investors (EIs) at the cut-off price of Tk 80 each to raise capital of Tk 125 crore.
The remaining 1,04,16,666 shares will be issued to general shareholders including non-resident Bangladeshis at 10 percent discount on cut-off price. The general investors will get the shares at Tk 72 each. The fund raised from IPO will be spent on buying new machinery, repaying loans and bearing the IPO expense and other costs of the company.
Earlier on August 27, Bashundhara Paper Mills received the permission from BSEC to conduct the bidding process for determining the cut-off price for its IPO.
BSEC approved the IPO of the company to raise capital of Tk 200 crore from the market through book-building method on January 30.
Bashundhara Paper Mills, a concern of country’s leading business conglomerate Bashundhara Group, produces a wide range of paper and paper products. The company also exports paper. It has three production units in Narayanganj and Munshiganj.
According to the financial statement for the year ending on June 30, 2016, the company’s net asset value (NAV) per share (EPS) was Tk 30.49, including revaluation reserve. The weighted average of earnings per share (EPS) was Tk 1.46.

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