Business Desk :
Associated Oxygen is set to hold IPO (initial public offering) lottery draw today (Wednesday), aiming to allocate 15 million shares among the successful applicants.
The lottery draw will be held at 10:30am at Crystal Ballroom, Hotel Intercontinental in Dhaka, according to a disclosure posted on the Chittagong Stock Exchange (CSE) website on Monday.
After holding the lottery draw, results will be published on the websites of the company, issue manager, Dhaka Stock Exchange and Chittagong Stock Exchange.
The company’s IPO oversubscribed by 31.46 times as the company received worth about Tk 4.72 billion against public issue of IPO of Tk 150 million, according to the disclosure.
The stock market regulator – Bangladesh Securities and Exchange Commission (BSEC)– on July 16 approved the company’s proposal to raise Tk 150 million from the capital market through IPO.
As per the BSEC approval, the company floated 15 million ordinary shares with an offer price of Tk 10 each using the fixed price method.
The IPO subscription for shares of the company by the eligible investors through an electronic subscription system was held between September 10 and September 16.
The IPO proceeds will be used for construction of store and new plant shed, acquisition of new plant and machinery, repay bank loans and IPO expenses, according to the IPO prospectus.
