IPO lottery of Saif Powertec today

The Initial Public Offering (IPO) lottery of the Saif Powertec Limited will take place today (Thursday) at the Institution of Engineers, Bangladesh (IEB) at Ramna in the city at 10:30 in the morning.

The Company has taken all preparations for conducting the IPO lottery.

Tarafder Md Ruhul Amin, managing director at the Saif Powertec Limited told the FE: "We're fully ready for conducting the lottery with presence of investors."

The Company floated shares worth Tk 360 million for expanding its battery manufacturing business.

The solar battery plant will be constructed at Pubail area in Gazipur district with annual capacity of 360000 pieces.

The commercial production might begin from March next, company sources said.

However, the Company sources said the applications for shares have been oversubscribed by 9.74 times against the public offering of Tk 360 million.

The Saif Powertec Ltd. is involved with port operation, shipping, power and battery manufacturing business.