• Thursday, Sep 19, 2019
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IPO subscriptions of Kattali Textile started

  • Published at 11:21 am August 29th, 2018
Mehedi Hasan/Dhaka tribune

Silva Pharma IPO lottery draw tomorrow

The initial public offering (IPO) of Kattali Textile Limited (KTL) subscriptions started yesterday and Silva Pharmaceuticals Limited’s IPO lottery draw shall be held tomorrow, according to the Dhaka Stock Exchange (DSE) website.

The IPO subscriptions of KTL will remain open for resident and non-resident Bangladeshis till September 13. The company will float 34 million shares at an issue price of Tk10 each. The lot has been set at 500 shares. The company aims to raise Tk34 crore from the general public.

The IPO of KTL was approved by the Bangladesh Securities and Exchange Commission (BSEC) on June 25.

The entity’s audited financial statement for the year ended on June 30, 2017, shows its net asset value (NAV) per share stood at Tk20.48 (without revaluation), and the weighted average of earnings per share (EPS) was Tk1.94.

The company will utilize the proceeds from the IPO to purchase capital machinery, repay bank loans, install an electric transformer, and bear IPO expenses.

Kattali Textile is a production unit of the Asian Group, established in 2002 with the aim of catering to international buyers.

The facility complies with the international structural, environmental, social, and ethical standards, and is certified by Wal-Mart, Garan, and Golden Touch.

Located at Chowdhury Bari, Colonel Jones Road, North Kattali, Chittagong, KTL has a monthly production capacity of 450,000 woven tops, 350,000 woven bottoms, 550,000 knit tops, and 550,000 knit bottoms.

NRB Equity Management Limited will act as the issue manager for the IPO process.

Silva Pharma IPO lottery draw tomorrow

The IPO lottery draw of Silva Pharmaceuticals Limited (SPL) will be held tomorrow at 10:30 am at the Institution of Engineers Bangladesh (IEB) auditorium in Dhaka.

After the lottery draw, results will be published on the websites of the company, the DSE, the CSE, and issue managers.

The BSEC approved the IPO proposal of the company on June 11. The IPO subscription of the company was opened on July 29 and continued till August 5 of this year.

The BSEC approved the Tk30 crore IPO prospectus of Silva Pharmaceuticals.

The company will offload 30 million ordinary shares at a fixed price of Tk10 each for the IPO.

The entity’s financial statement of the year ended on June 30, 2017, shows its net asset value (NAV) per share stood at Tk16.48 (without revaluation), and the weighted average of earning per share (EPS) was at Tk1.03.

The company will utilize the proceeds from the IPO to repay bank loans, purchase capital machinery, and bear IPO expenses.

Silva Pharmaceuticals began commercial operations on July 1, 2003, and is based at Maijdee Court in Noakhali.

The company produces vitamins, minerals, and drugs, including antibiotics, anti-inflammatories, and antihistamines.  Their products are mainly for sale in local markets.

Prime Finance Capital Management Limited, Imperial Capital Limited, and SBL Capital Management Limited, will act as the issue managers for the IPO process.