Sunday, 3rd December, 2023
Sunday, 3rd December, 2023

Dominage Steel to hold IPO lottery draw Nov 16

Dominage Steel Building Systems is set to hold its IPO (initial public offering) lottery draw on November 16, aiming to allocate 30 million ordinary shares among successful applicants.

The company has so far received good responses from the investors. The investors have applied to buy around 20 times the number of primary shares being offered by the company in its IPO, issue manager sources confirmed.

After the lottery, the result will be published on the websites of the company, issue manager, Dhaka Stock Exchange and Chittagong Stock Exchange.

The IPO subscription for shares of the company remained open from 19 October until 25 October this year.

Earlier on August 26, the stock market regulator — Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal to raise Tk 300 million from the capital market through initial public offering.

As per the regulatory approval, the Dominage Steel will issue 30 million ordinary shares with an offer price of Tk 10 each using the fixed price method.

The company will utilise the IPO proceeds for acquisition of new plant & machinery (55.77 per cent), building and other construction (30.14 per cent), electrical installation (7.56 per cent) and bearing the IPO related expenses (6.53 per cent).

The company targets to complete these tasks within 24 months after receiving IPO funds, according to the company’s prospectus.

According to the audited financial statements for the year ended on June 30, 2019, the company’s basic earnings per share (EPS) were Tk 1.83, and its net asset value per share was Tk 19.81.

The company’s authorised capital is Tk 1.0 billion and pre-IPO paid-up capital is Tk 650 million.

Shahjalal Equity Management is working as the issuer manager of the company’s IPO processes.

Incorporated in 2007, Dominage Steel is engaged in manufacturing of various pre-engineered steel buildings according to the designs and providing full-fledged architectural and consultancy services.

The company’s principal activities are building pre-engineered steel buildings like factories, warehouses, convention centers, workshops, commercial showrooms, distribution centers, restaurants, CNG stations, multi storied buildings and so on, according to the company’s website.

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