The IPO draw results will be published on the DSE, CSE, and EKCL's websites
The lottery draw of the initial public offering (IPO) of Esquire Knit Composite Limited (EKCL) will be held on Thursday at 10.30 am at Dhaka's Institution of Engineers, Bangladesh.
The IPO draw results will be published on the websites of the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), and the company.
EKCL's IPO subscriptions were given out between January 6 and January 20 this year, with the company aiming to raise Tk150 crore from the sale of shares.
The IPO was open for both resident and non-resident Bangladeshis. The company will float 34,895,833 ordinary shares, of which eligible investors have already subscribed to 20,833,332 shares—60% of the total shares. The IPO cut-off price for the general investors is Tk40.
EKCL offered 40% of its total shares to eligible investors at a price of Tk45, as per the book-building method. A total of 508 registered eligible institutional investors took part in the bidding at price levels between Tk15 and Tk53, following which the company's cut-off price was fixed at Tk45 each.
The Bangladesh Securities and Exchange Commission (BSEC) approved EKCL's IPO on September 27, 2018. Bidding for the IPO was held from July 9 to 12, 2018.
Located at Sonargaon, Narayanganj, EKCL launched its commercial operations in 2001, with knitting, fabric dyeing, and finishing facilities all housed under one roof.
EKCL's major buyers include C&A, Bestseller, Esprit, Mascot, Celio, Next, Tee Jays, and Lidl.
According to the financial statement ending June 30, 2018, the company’s weighted average earnings per share (EPS) stood at Tk3.44, while its net asset value (NAV) per share stood at Tk49.27 with revaluation, and Tk29.40 without revaluation.
Prime Finance Capital Management Limited is the IPO issue manager, while ICB Capital Management Limited will act as the registrar.