IPO lottery of Zaheen Spinning held

FE Report | Published: February 03, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

IPO lottery of Zaheen Spinning Limited (ZSL) was held Monday at city's Institution of Engineers', Bangladesh (IEB) for allocating shares among the investors, officials said.
The result of IPO lottery was also published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and Zaheen Spinning Limited.
IPO subscription of the company was oversubscribed around 74 times. The company received around Tk 8.87 billion against public offer of Tk 120 million.
Managing director of Zaheen Spinning A. M. Badruzzaman Khashroo, director Md. Mahmudur Rahman, company secretary Md Ikramul Kabir, chief executive officer of MTB Capital Khairul Bashar Abu Taher Mohammed, representatives of DSE, CSE and Central Depository Bangladesh Ltd (CDBL), were present among others.
IPO subscription of Zaheen Spinning was held between December 28, 2014 to January 5, 2015 for resident Bangladeshi and it 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 Tk 120 million from public.
The fund raised through the public offerings is begin 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 capitalisation of the prime bourse.
Zaheen Spinning started its journey in 2008 at Ghowjara, Araihazar in Narayangonj.
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