Indo-Bangla Pharmaceuticals will allocate 20 million ordinary shares among the successful applicants as the company's IPO lottery draw was held on Tuesday.
The event was held at the Institution of Engineers, Bangladesh (IEB) in Dhaka.
The initial public offering (IPO) result has been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.
Indo-Bangla Pharma raised a fund worth Tk 200 million by issuing 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
According to Chittagong Stock Exchange (CSE) website, the company's IPO is oversubscribed by more than 34 times as it received about Tk 6.85 billion against the public issue of Tk 200 million.
The IPO subscription of the company under the fixed price method was opened on August 09 continued till August 16 last.
The Bangladesh Securities and Exchange Commission (BSEC) approved the company's IPO proposal on October 3 last year.
The company will utilise 29.29 per cent of the IPO proceeds for construction and other civil works, 62.36 per cent for machineries and 8.35 per cent for bearing IPO expenses, according to the IPO prospectus.
As per the financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) per share stood at Tk 12.84 and earnings per share (EPS) stood at Tk 1.21.
The company's pre-IPO paid-up capital is Tk 730 million and authorised capital is Tk 1.0 billion.
AFC Capital, EBL Investments and CAPM Advisory are working together as issue manager of the IPO.
The company is engaged in manufacturing and selling of all kinds of medicine (excluding antibiotic), medical preparation drugs and chemicals (Human Health).
