Dominage Steel holds IPO lottery draw

Dominage Steel Building Systems will allocate 30 million ordinary shares among the successful applicants as the company conducted IPO lottery draw on Monday.
The initial public offering (IPO) lottery draw was held at 11:00am at the Crystal Ballroom at Hotel Intercontinental Dhaka, officials said.
The result has already been published on the websites of the company, issue manager, Dhaka Stock Exchange and Chittagong Stock Exchange.
The company has received a good response from the investors as the company received more than Tk 5.81 billion against IPO offer of Tk 300 million, according to a web posting on the Chittagong Stock Exchange.
This also indicates that the investors had applied to buy more than 19 times the number of primary shares being offered by the company in its IPO.
The IPO subscription for shares of the company was held between October 19 and October 25 this year.
Earlier on August 26, the stock market regulator -- Bangladesh Securities and Exchange Commission (BSEC)--approved the company's IPO proposal to raise Tk 300 million from the capital market through initial public offering.
As per the regulatory approval, the Dominage Steel is in the processes of issuing 30 million ordinary shares with an offer price of Tk 10 each using the fixed price method.
The company will utilise the IPO proceeds for acquisition of new plant & machinery (55.77 per cent), building and other construction (30.14 per cent), electrical installation (7.56 per cent) and bearing the IPO related expenses (6.53 per cent).
The company will complete acquisition of new plant & machinery, building & other construction and electrical installation within 24 months after receiving the IPO fund, according to the company's prospectus.
As per the audited financial statements for the year ended on June 30, 2019, the company's basic earnings per share (EPS) were Tk 1.83, and its net asset value per share was Tk 19.81, according to its IPO prospectus.
The company's authorised capital is Tk 1.0 billion and pre-IPO paid-up capital is Tk 650 million.
Shahjalal Equity Management is the issuer manager of the company's IPO processes.
Incorporated in 2007, Dominage Steel is engaged in manufacturing of various pre-engineered steel buildings structure according to the designs and providing full-fledged architectural and consultancy services.
The company's principal activities are building pre-engineered steel buildings like factories, warehouses, convention centers, workshop, commercial show rooms, distribution centers, restaurants, CNG stations, multi storied buildings and so on, according to the company's website.

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