Envoy Textiles lottery to allot IPO Nov 19

Envoy Textiles lottery for allotment of initial public offerings will be held on November 19.

Through electronic lottery system run by Bangladesh University of Engineering and Technology (BUET), the company will allocate 30 million shares among the investors. The lottery winner will get a lot of 500 shares.

Envoy Textiles Ltd received Tk 3.30 billion in IPO against its offer of Tk 900 million, which is 3.67 times higher than that of offer value.

Using the fixed price method, the company offloaded 30 million ordinary shares worth Tk 10 each at an offer price of Tk 30, including a premium of Tk 20.

The company will use IPO proceeds for buying machineries, working capital and IPO expenses.

According to company’s financial statement for 2010-2011, its earning per share is Tk 4.42.

Source: The Daily Sun

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