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MONDAY, JUNE 05, 2023
BSEC allows Walton to explore cut-off price for IPO

Tech

TBS Report
07 January, 2020, 07:15 pm
Last modified: 07 January, 2020, 07:18 pm

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BSEC allows Walton to explore cut-off price for IPO

The company wants to raise Tk100 crore through IPO

TBS Report
07 January, 2020, 07:15 pm
Last modified: 07 January, 2020, 07:18 pm
BSEC allows Walton to explore cut-off price for IPO

The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday allowed Walton Hi-Tech Industries Ltd to explore the cut-off price of its shares through electronic bidding under the 'book building method' of Initial Public Offering (IPO). 

The approval came at a meeting held at the office of BSEC. 

The company wants to raise Tk100 crore through IPO.

Only the institutional investors can participate to explore cut-off price of the company's shares, under the electronic bidding process.

Besides, it is set based on the bids submitted by the investors.

Although the institutional investors are supposed to purchase shares of that company at the cut-off price, the individual investors get scope for purchasing the share at 10 percent discounted price through IPO.

Walton Hi-Tech Industries Ltd will use the IPO proceeds to extend business, repay bank loans and cater expenditures for IPO process.

The company's weighted average earnings per share was Tk28.42 and net asset value per share Tk243.16, including re-evaluated reserve and Tk138.53, excluding re-evaluated reserve.

AAA Finance and Investment Ltd is the issue manager for the company's IPO.

Walton is the latest multinational electrical, electronics, automobiles and other appliances company. 

Walton started business in 1977 and started manufacturing Refrigerator, Freezer, Air Conditioner, and Compressor in early 2008. The company has been expanding its operation in Television, Home & Electrical Appliances since then. 

At present, Walton has a workforce of more than 20,000 in total 22 production bases on 680 acres of factory area. 

The capacity of yearly production is 10 million units based on the market demands.

BSEC / Walton

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