Coppertech Industries Ltd Ipo Lottery Result

Coppertech industries ltd ipo lottery result

Coppertech Industries Ltd - English

Coppertech Industries will hold initial public offering (IPO) lottery draw today (Tuesday) to allocate 20 million ordinary shares among the successful applicants, officials said.

The lottery draw will be held at 10:30am at The AGB Colony Community Center, Motijheel in Dhaka.

The results will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company after the programme.

The securities regulator-Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Coppertech on December 26, 2018.

As per the BSEC approval, the company raised a capital worth Tk 200 million by offloading 20 million ordinary shares under the fixed price method.

The subscription for shares of the company by the eligible investors through electronic subscription system was held between March 31 and April 09.

Total subscription received Tk 7.71 billion against public issue of IPO of Tk 200 million which is oversubscribed by 38.58 times, according to Chittagong Stock Exchange (CSE).

A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company's IPO shares.

For non-resident Bangladeshi (NRB) and foreign applicants, the required amount (per lot) for subscription is US$ 59.92 or GBP 45.40 or EUR 53:00, according to the Dhaka Stock Exchange (DSE).

The company will utilise the IPO proceeds for plant & machinery (32.50 per cent), bank loan repayment (32.50 per cent), building and other civil works (27.50 per cent), and IPO expenses (7.50 per cent).

As per the financial statement for the year ended on June 30, 2018 the company's net asset value (NAV) per share, without revaluation, was Tk 12.06.

For the same period, the earnings per share (EPS) of the company stood at Tk 2.60, whereas the diluted EPS was Tk 1.03.

The weighted average EPS was Tk 0.87.

MTB Capital is working as issue manager of the Coppertech Industries' IPO.

Located in Hobiganj, the Coppertech Industries is a copper pipe, tube, bus bar, strip, and wire manufacturer in Bangladesh. The company started its commercial operation in June 2014.

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Coppertech industries ltd ipo lottery result