IPO lottery of BSRM held

FE Report | Published: March 06, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

Initial Public Offering (IPO) lottery of Bangladesh Steel Re-Rolling Mills (BSRM) was held Thursday to allocate shares among the investors, officials said.
The lottery was held at 10:30am at Shoronika Community Center, 13 Love Lane, Chittagong. The IPO lottery result has already been published on websites of BSRM, Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) etc.
Mr. Alihussain Akberali, chairman of BSRM, Mr Aameir Alihussain, managing director, Mr. Zohair Taherali, director, Mr Mono Ranjan Dey independent director of BSRM, and representatives of issue manager, DSE, CSE and CDBL were present, among others.
IPO subscription of the company took place between February 1 to February 5, 2015 for resident Bangladeshi and continued till February 14 for non-resident Bangladeshi (NRB).
The Chittagong-based steel manufacturing conglomerate received over Tk 12.32 billion through IPO against public issue of Tk 612.50 million, which was oversubscribed by 20 times.
The steel manufacturer floated 17.5 million ordinary shares at an offer price of Tk 35, including a premium of Tk 25 for each ten taka share.
The company reported earnings per share, as of December 2013, stood at Tk 5.06 and net asset value per share Tk 52.09.
The fund raised through the public offering will be used for BSRM's ongoing expansion and loan repayment, according to the company's IPO prospectus.
Alliance Financial Services is acting as issue manager of the initial public offering of BSRM.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Bangladesh Steel Re-Rolling Mills on December 9, 2014.
BSRM Steels, a unit of BSRM, is already listed on the stock market.
At present 29 companies are listed in the engineering sector on the DSE, accounting for more than 4.0 per cent of the total market capitalisation of the DSE.
The BSRM started its journey in 1952, maintaining the leadership position in the steel industry by producing the best quality steel products, continuously enhancing customer satisfaction and becoming a reliable business partner of the customers and suppliers, according to the company's website.
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