The Oimex Electrode held its IPO (initial public offering) lottery draw on Thursday to allocate 15 million ordinary shares among successful applicants.
The lottery draw was held at the Institution of Engineers, Bangladesh (IEB) in the city and the results were published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the electrode manufacturing company.
MA Maleque, managing director of Oimex Electrode, inaugurated the lottery programme. Issue manager and chief executive officer of MTB Capital Khairul Bashar Abu Taher Mohammed and representatives of DSE, CSE and Central Depository Bangladesh attended the event.
Oimex Electrode, which received regulatory approval for IPO from the Bangladesh Securities and Exchange Commission (BSEC) on May 9, raised Tk 150 million from the public under fixed-price method.
It offered 15 million ordinary shares at an issue price of Tk 10 each to raise the amount.
The IPO subscription was open to resident and non-resident Bangladeshis during the period from September 5 to 13.
The IPO was oversubscribed 41.47 times, as the company received about Tk 6.22 billion against the IPO of Tk 150 million.
Oimex Electrode will use the IPO fund for procurement of capital machinery, equipment and raw materials.
As per the entity's audited financial statement for the year ending on June 30, 2016, Oimex Electrode's net asset value (NAV) per share and weighted average earnings per share (EPS) were Tk 14.87 and Tk 2.03 respectively.
The MTB Capital is working as the issue manager of the IPO.
Established in 2005, Oimex Electrode is the fastest growing electrode, nails and galvanised wire manufacturing company in Bangladesh. It was subsequently converted into public limited company in 2014, according to the company's website.
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