The lottery draw for the initial public offering (IPO) of Lavelo brand ice cream company Tawfiqa Foods and Agro Industries will be held tomorrow (January 26) to allocate shares among the applicants. This information has been known from the company sources.

Earlier, applications for the company’s IPO were accepted from January 3 to January 8. Earlier on October 14, the 744th meeting of the Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO.

The company will raise Rs 30 crore by issuing 3 crore shares at a face value of Rs 10 each. With which the purchase of machineries and equipment, loan repayment and IPO costs will be managed.

Lavello Ice Cream’s earnings per share (EPS) for the first quarter (July-September 19) of the 2019-20 fiscal year was Tk 1.20. The net asset value per share (NAVPS) is Rs 12.17.

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