Hwa Well Textiles (BD) subscription begins today
FE Report | Monday, 17 February 2014
The initial public offering (IPO) subscription of Hwa Well Textiles (BD) will begin today (Monday) to raise a fund worth Tk 200 million from public.
Hwa Well Textiles IPO subscription will remain open until February 23 for resident Bangladeshis, while it will be continued until March 4, 2014 for non-resident Bangladeshis (NRBs).
Using the fixed price method, the textiles company is set to float 20 million ordinary shares of Tk 10 each to raise Tk 200 million from the public. The market lot of the company is 500 shares.
Alfa Capital Management and Citizen Securities and Investment will manage the IPO.
The fund will be 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 Tk 200 million from the public.
At present, thirty-two textiles companies are listed in the Dhaka bourse while 27 in the port city bourse.