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Appollo Ispat to raise Tk 2.2b through IPO

DHAKA, NOV 7: The lottery of IPO of Apollo Ispat Complex Limited was held at the Engineers’ Institution of Bangladesh in the city on Thursday(7 November 2013)images).
Appollo Ispat offered 100 million (10 crore) ordinary shares to collect Tk 2.2 billion (220 crore) from the public through IPO, which was oversubscribed to Tk 500 crore. The offer price of each share was Tk 22, Tk 12 premium added to the face value of Tk 10. Each lot was set for 200 shares.
With the proceeds collected through IPO, Tk 153 crore would be spent to repay bank loans and Tk 60 crore would be utilized for implementing German Non Oxidizing Furnace technology project.
The company’s chairman appreciated the investors to trust on Appollo Ispat Complex Ltd.
Deen Mohammad, chairman of Apollo Ispat Complex Limited, said, “The small investors would greatly be benefited if good fundamental shares are offered. Side by side, the country’s economy would be strengthened through expansion of the industrialisation.???
“We are highly impressed for the tremendous response of the investors for subscribing IPO of Appollo Ispat,??? he said.
He expected that the investors would stay beside the company in the future.
However, the draw of the lottery was held in separate categories such as ordinary investors, affected investors, mutual funds and expatriate investors. Bangladesh University of Engineering and Technology (BUET) representative executed the lottery.
The Earning per Share (EPS) of the company as on June 2012 was Tk 2.36 and Net Asset Value (NAV) was Tk 22.59. ICB Capital Management Ltd was the issue manager of IPO of the company.
The lottery was also addressed among others by Md Ansar Ali, managing director, Abdur Rahman, deputy managing director, MA Majid and Mohammad Rafique, directors and Sheikh Abul Hasan, company secretary of appollo Ispat Complex Ltd.
Besides, the representatives of ICB Capital Management Limited, Dhaka Stock Exchange Ltd, Chittagong Stock Exchange Ltd, Central Depository of Bangladesh Ltd, Computer Science Department of the Bangladesh University of Engineering and Technology (BUET) were present.


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