Zaheen Spinning IPO lottery today

Initial public offering (IPO) lottery of Zaheen Spinning Limited (ZSL) will be held today (Monday) to allocate shares among the investors, officials said.
The lottery will be held at 10am at Seminar Hall of the Institution of Engineers, Bangladesh (IEB), Ramna, Dhaka.
IPO subscription of Zaheen Spinning Limited (ZSL) was held between December 28, 2014 to January 5, 2015 for resident Bangladeshi and it was continued till January 13, 2015 for non-resident Bangladeshi (NRB).
Using the fixed price method, the yarn manufacturer floated 12 million ordinary shares of Tk 10 each and raised a fund worth Tk 120 million from public.
IPO subscription of the company oversubscribed around 74 times. The company received around Tk 8.87 billion against public offer Tk 120 million.
The fund raised through the public offerings will be used to set up a new plant, purchase machinery and to meet the expenses of IPO proceedings, according to the company's IPO prospectus.
MTB Capital Limited is acting as issue manager of the IPO of Zaheen Spinning. The company's earnings per share (EPS) stood at Tk 1.01 and net asset value (NAV) at Tk 12.59 per share as of June 30, 2014.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Zaheen Spinning on October 29, 2014.
At present 38 textiles and garment companies are listed on the DSE, accounting for around 5.0 per cent of the total market capitalization of DSE.
Zaheen Spinning started journey in 2008 at Ghowjara, Araihazar, Narayangonj industrial city in Narayangonj.
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