Walton holds IPO lottery draw; results released

Walton Hi-Tech Industries has held a lottery draw for an allotment of shares among the applicants in the initial public offering (IPO).

The company's lottery draw was held through a digital platform on Sunday (September 6). Earlier, the company's IPO subscription was held from August 9 to August 16.

It is learned that a maximum of one lot can be applied for against one BO account in the IPO of the company. Walton's IPO has 20 shares per lot. And the price per share is 252 taka. Investors applied for Walton's IPO at 5,040 taka.

Walton Hi-Tech Industries raised 100 crore taka from the stock market through book building method. Of this, 60 crore 96 lakh 57 thousand 805 taka was withdrawn from eligible investors and 39 crore 3 lakh 42 thousand 195 taka from general investors.

From the money raised, the company authorities will spend 62.50 crore taka on business expansion, 33 crore taka on loan repayment and 4.5 crore taka on IPO management.

For the first time in the country, the cut-off price was set at 315 taka at the end of Walton's auction (bidding) from March 2 to 5 in the Dutch system. According to the law, Walton is issuing shares at 252 taka per share, 20 per cent lower, considering the interest of general and small investors and the development of the stock market, even though there is a provision for 10 per cent reduction in the cut-off price (discount) in IPO.

sr/teb