Intraco holds IPO lottery draw

April 18, 2018 00:00:00

Shaiful Alam Chowdhury, Director, S.M Monir Ahmed, Independent Director, Mohammed Riyadh Ali, Managing Director, H.M Hakim Ali, Chairman of Intraco Refueling Station Limited (IRSL), Mohammad Shahadat Hossain, Deputy Manager, Listing Affairs Department, Dhaka Stock Exchange, Md. Nasir Uddin, Assistant Manager, TREC Marketing and Services, Chittagong Stock Exchange (from left to right) seen present at a function in the capital on Tuesday for conducting a lottery to allot IRSL's primary shares among the successful winners

The IPO lottery draw of Intraco Refueling Station Limited (IRSL), a sister concern of Intraco Group, was held in the capital on Tuesday, allocating 30 million ordinary shares among the successful applicants.

The IPO (Initial Public Offering) result is published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and outside the auditorium of Institution of Engineers, Bangladesh (IEB), said a statement.

On behalf of IRSL, Mohammed Riyadh Ali, Managing Director, H.M Hakim Ali, Chairman, Shaiful Alam Chowdhury, Director & S.M Monir Ahmed, Independent Director, GM Salahuddin, company Secretary, were present in the lottery programme.

Dr. A.K.M. Ashikur Rahman from Department of CSE, BUET, Mohammad Shahadat Hossain, Deputy Manager, Listing Affairs Department, DSE, Md. Nasir Uddin, Assistant Manager, TREC Marketing and Services, CSE, Syed Akhter Hossain, Sr. Executive from CDBL, were present from the regulator side.

Mahbub Hossain Mojumder from AFC Capital and Md. Shamsul Haque from Asian Tiger Capital were present as the issue managers.

The IPO subscription from eligible investors through electronic subscription system under fixed price method took place between March 18, 2018 and March 27, 2018 for resident and non-resident Bangladeshis.

Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of the company on February 14, 2018 to raise Tk 300 million under fixed price method. IRSL distributed 30 million ordinary shares of Tk 10 each to raise Tk 300 million from the public.

As per the entity's audited financial statement for the year ended on June 30, 2017, the company's net asset value per share and earnings per share (basic) were Tk. 13.87 and Tk. 1.36 respectively. The company's authorized capital is Tk 1.0 billion and pre-IPO paid-up capital is Tk 450 million.

The issue managers of the company's IPO are AFC Capital Limited and Asian Tiger Capital Partners Investments Limited.

The company will use the IPO fund for 4 x 50 MT LPG Satellite Plant with filling hall equipment, cylinder (12.5 kg), road tanker, factory shed, store room and office building.