New Line Clothings to allocate 30m IPO shares

The New Line Clothings will allocate 30 million ordinary shares among the successful applicants as the company's initial public offering (IPO) lottery draw was held on Sunday.

The lottery draw was held at 10:00am at the Institution of Engineers, Bangladesh (IEB) in Dhaka.

The IPO result has been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.

The New Line Clothings, which received approval from the securities regulator on November 27, 2018, raised a capital of Tk 300 million from the public by floating 30 million ordinary shares.

The company received applications for the IPO from February 18 and March 03 to raise a fund worth Tk 300 million from the capital market under the fixed price method.

The IPO was oversubscribed by nearly 28 times as the company received more than Tk 8.32 billion against IPO issue of Tk 300 million, according to Chittagong Stock Exchange (CSE).

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