The bidding for discovering cut-off price for initial public offering (IPO) share of Walton Hi-Tech Industries Ltd (WHIL) is set to begin at 5pm on March 2 and continue till 5pm on March 5. Walton will raise Tk 100 crore from the share market.
Meanwhile, Walton signed agreements with authorities of Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) to use the electronic subscription system to discover the cut-off price through the bidding of the eligible investors.
The agreement was signed at the DSE office at Nikunja in the capital on Tuesday (February 25, 2020). Deputy Managing Director of WHIL Nazrul Islam Sarkar signed the agreements while Assistant General Manager Abdul Latif and General Manager (Head of Business Development) Golam Faruk respectively from DSE and CSE signed on behalf their organizations.
DSE Managing Director Kazi Sanaul Haque, Chief Operating Officer M Saifur Rahman Majumder, Chief Financial Officer Abdul Matin Patwary, Walton’s Senior Operative Director Yakub Ali, Operative Director Fahim Mahbub, Company Secretary Partha Pratim Das, representatives from Issue Manager AAA Finance & Investment Ltd, Registrar to Issue Prime Bank Investment Limited and senior officials of both of the stock exchanges, were present among others, on the occasion.
In this regard, Walton’s Company Secretary Partha Pratim Das said that using electronic subscription system, eligible investors will be able to bid for cut-off price from 5pm on March 2 and till 5pm on March 5. After discovering cut-off price, the shares will be issued to investors through lottery at 10 percent reduced rate.
He said, earlier on January 15 last year, Walton held roadshow in a bid to come up in the IPO. It highlights various issues related to company contacts, financial condition, future plans and different issues on IPO. On January 7 this year, Walton’s IPO bidding was approved at 714th meeting of the Bangladesh Securities and Exchange Commission (BSEC).
Walton’s authorized capital is Tk 600 crore in the share market while the paid-up capital is Tk 300 crore.
The money raised from IPO will be spent on expansion, modernization, research and upgrading of Walton factories, partial payment of bank loans and of IPO costs.
Meanwhile, WHIL DMD Nazrul Islam Sarkar said: Bangladesh has become a role model to many countries for manufacturing hi-tech products and Walton has set the footprint. As a manufacturing company, Walton is a ‘AAA’ rated company, highest in the credit ratings. Producing world-standard innovative products, Walton has now become the top brand in the country. Walton is also securing its place in the global market. Walton is issuing IPO shares to ensure people’s engagement with the advancement of company.
Caption: Officials of Walton, Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) at the agreement-signing ceremony for IPO bidding.