IPO Lottery Result of Active Fine Chemicals Ltd today

The initial public offering (IPO) lottery draw of Active Fine Chemicals Limited will be held Monday (today) at the Banghobandhu International Conference Centre, officials said.

The officials said the draw will be started at 10.30 and further schedules of distributing refunds warrants will be announced later.

According to IPO prospectus, the company will offload 16 million ordinary shares of Tk 10.0 each at par value totaling Tk 160 million and each market lot contains 500 shares.

The officials said 1.8 million applications have been submitted against the shares of 32000 market lots. That means the subscription of the company is 56.25 times more than the company's IPO size.

Among the total number of submitted applications, 44 thousand invalid applications have been identified by the issue managers due to duplicate application and some errors occurred in the application forms.

Considering the total numbers of shares, the company's net asset value (NAV) per share is Tk. 14.36 as of December 31, 2009 and earning per share (EPS) is Tk 0.51 for 3 months period from October to December 2009.

After the IPO, the company's paid-up capital will be Tk 400 million.

Janata Bank Limited has been working as the issue manager of the Active Fine Chemicals.

Active Fine Chemicals had been established on December 01, 2004 as a private limited company with a vision to serve the bulk drugs market in Bangladesh. Subsequently it was converted to public limited company on December 9, 2009. The key driving force is the opportunity to serve a fast growing pharmaceutical local market, which is heavily import dependent for its raw materials. Providing highest quality materials at a very competitive price is company's goal. The company has also become one of the leading chemical reagent manufacturers in Bangladesh. This is the first company to manufacture HULK grade solvents in Bangladesh.