Hwa Well makes debut May 14

Trading of the shares of Hwa Well Textiles (BD) Limited will commence at the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) from Wednesday (14 May, 2014)) under 'N' category, officials said.
DSE Trading Code for Hwa Well Textiles (BD) Limited is 'HWAWELLTEX' and DSE Company Code is 17461. The market lot is 500 shares.
The company's initial public offering (IPO) subscription took place in late-February. The IPO lottery was held on March 23. The company received around 44 times higher than IPO subscription against demand offer.
Using the fixed price method, the textiles company floated 20 million ordinary shares of Tk 10 each and raised a fund worth Tk 200 million from the public. Alfa Capital Management and Citizen Securities and Investment acted as issue manager of the company's IPO.
The IPO fund was used to purchase land and machinery, construct new factory buildings, changing existing machines and meeting IPO expenses.
The company's earnings per share (EPS) as of June 2013 stood at Tk 3.66 with a net asset value (NAV) per share of Tk 28.25.
Bangladesh Securities and Exchange Commission (BSEC) approved the prospectus of the company on December 24, 2013 to raise the said amount from the public.
At present, thirty-three textile companies are listed on the Dhaka bourse while 28 are on the port city bourse.