The results of the initial public offering (IPO) lottery of lubricant company ‘BNO’ brand Lube-Ref (Bangladesh) Limited have been released. The company’s lottery draw for the digital platform was completed on Tuesday.
This information has been known from the company sources.
Earlier, the company’s IPO application ran from January 28 to February 1.
The company will raise Tk 150 crore by issuing 4 crore 52 lakh 43 thousand 144 shares in the capital market. Of this, 2 crore 26 lakh 21 thousand 544 shares will be issued to the general investors and 61 crore 8 lakh 73 thousand 200 taka will be collected. The price of each share has been set at 26 rupees.
According to the Public Issue Rules, bids must be taken at the rate offered by eligible investors above the cut-off price in bidding. So that even if the cut-off price of Lube-Ref is 30 rupees, the bidders will have to buy the shares at the price offered by them. In this case, Asia Insurance, which has offered a maximum price of Tk 80, will have to buy shares at that price. Due to this, the average share issue price will be higher than the cut-off price.
The auction started at 5 pm on October 12 to determine the cut-off price of Lube-Ref. Which ends on October 15 at 5 pm. In the auction, the participants offered bids ranging from a minimum of Tk 13 to a maximum of Tk 80. At most 14 people have offered bids at Tk 25 and Tk 55 respectively. After that, the second highest 13 people have offered a price of Tk 28.
NRB Equity Management is in charge of the issue manager of the company.
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