Tawfiqa Foods and Agro Industries Limited (brand name Lavello Ice Cream), which is in the process of raising money from the capital market through an initial public offering (IPO), wants to hold an IPO lottery on January 26 with the permission of the commission. This information is known from the relevant sources.

The company has applied to the Bangladesh Securities and Exchange Commission (BSEC), the regulator, for setting an IPO lottery on January 26. With the approval of BSEC and if all goes well, the IPO lottery will be held on January 26. Sources said the date would be changed if the decision was changed for any reason.

Earlier, the company’s IPO application started on January 3. Which lasts until January 6.

The company will raise BDT 30 crore by selling shares through an initial public offering (IPO). And this money will be spent on purchasing machineries and equipment, repaying loans and meeting the cost of IPO. Under the fixed price IPO, the company will issue 3 crore shares at a face value of Tk 10.

On October 15, the Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market, approved the IPO of Lavelo Ice Cream at its 644th meeting of the BSEC.

In the 2018-19 financial year, the company’s earnings per share or EPS was 10.5 taka. On the other hand, in the first quarter of the 2019-20 financial year (July ’19-September’19), EPS was Tk. 1.20. On September 30, 2019, Lavelo Ice Cream had a net asset value per share (NAVPS) of Tk. 12.18.

Banco Finance and Investment and Sandhani Life Finance are the issue managers of the company.