Argon Denims IPO lottery on December 30

Initial Public Offering (IPO) lottery of Argon Denims Ltd will be held on December 30 to allocate shares among the applicants.

The lottery will be held at Engineering Institute in the city run by Bangladesh University of Engineering and Technology (BUET).

Using a fixed-price method, Argon Denims offloaded three crore ordinary shares of Tk 10 each at an offer price of Tk35, including a premium of Tk 25.

The company will use the IPO proceeds to repay its bank loan, expansion of the Project and estimated IPO expensesloans and use in project expansion.

The company’s earnings per share is Tk 5.46, according to its 2011 financial statements. Net asset value per share is Tk Tk. 20.71 including revaluation reserve as on December 31, 2011and Tk. 15.65 excluding revaluation reserve as on December 31, 2011.

LankaBangla Investments acted as the issue manager of Argon Denims’ IPO.

Source: sharemarket24, December 26, 2012