IPO lottery of Hamid Fabrics held

The Initial Public Offering (IPO) lottery of Hamid Fabrics Limited (HFL) held Thursday allocated shares among the investors, officials said.
The lottery was held at 10am at the Institution of Engineers, Ramna Dhaka. Bangladesh University of Engineering and Technology (BUET) conducted IPO lottery.
Abdullah Al Mahmud, managing director of Hamid Fabrics inaugurated the lottery programme where independent director FM Alam, ICB Capital Management CEO Md Moshiur Rahman and representatives of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and Central Depository Bangladesh Ltd (CDBL) were present, among others.
Hamid Fabrics was the first in offering issues under the new IPO method through the stockbrokers and merchant banks which aimed to cut down the processing time to three weeks from more than five weeks.
As many as 174 stockbrokers from the DSE and 73 from the CSE along with 37 merchant banks participated in the Hamid fabric's IPO.
The public subscription of the company was held September 28 to October 2 for resident Bangladeshi while October 11 for non-resident Bangladeshis.
Using the fixed price method, the textile company floated 30 million ordinary shares of Tk 10 each at an offer price of Tk 35, including Tk 25 as premium and raised a fund worth Tk 1.05 billion from public.
The textile company's IPO subscription was oversubscribed by around nine times. A market lot is 200 shares.
The company's five-year weighted average earnings per share, as of June 2013, stood at Tk 2.97 and the net asset value per share Tk 41.14 after revaluation, according to IPO prospectus.

babulfexpress@gmail.com