Ring Shine Textiles’ IPO lottery draw to be held October 1

The Initial Public Offering (IPO) lottery draw of Ring Shine Textiles will be held on October 1.

Mahbub H Majumder, issue manager of the company told the Business Standard that the lottery will be held at 10am at the Institute of Engineers, Bangladesh, in the capital.

The company has raised Tk150 crore funds from the capital market by floating 150 million ordinary shares under the fixed price method.

The subscription for shares of the company by eligible investors was held between August 25 and September 9.

Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, approved the company's IPO proposal on March 12.

As per the IPO proposal, the company will utilise the funds for the procurement and installation of machinery for the existing factory, and for partial repayment of bank loans. The company will spend the money in the next 18 months, now that the funds have been raised.

According to the company financial statement, as of June 30, 2018, the company's Net Asset Value (NAV) per share stood at Tk23.17, while the weighted average of Earnings Per Share (EPS) was Tk1.46.

The company's authorised capital is now Tk440 crore, while the paid-up capital is Tk285 crore.

The company, after its inception in 1998 at the Dhaka Export Processing Zone (DEPZ), has been manufacturing and marketing grey and finished fleece fabrics and dyed yarn for the ready-made garment industry.

Once the all the procedures are complete, Ring Shine Textiles will be the 56th listed company in the textile sector in the Dhaka Stock Exchange.