The IPO (Initial public offering) of Matin Spinning Mills Ltd has been oversubscribed by almost seven times on offer. The lottery draw will be held on February 27.
Investors ordered shares worth over Tk832 crore against the offer of Tk126 crore, according to the Chittagong Stock Exchange. The company issued 3.41 crore ordinary shares of Tk37, including premium of Tk27. IPO proceeds will be used to expand its business and to meet expenses of IPO process.
Matin Spinning Mills, an export-oriented cotton spinning mill from DBL Group, started commercial operation in October 2006.
The company’s earnings per share stood at Tk3.43 and net asset value of Tk35.73, according to its financial statement as of June 30, 2013. IDLC Investment is serving as the issue manager.
The subscription started from January 26, and ended on January 30 for general investors and February 8 for non-resident Bangladeshis.
