Dhaka: 10:12 AM, Sat, 24 Aug, 2019

Walton holds IPO Road Show

Amirul : risingbd.com
Publish on: 2019-01-16 6:55:23 PM     ||     Updated: 2019-01-24 8:44:40 AM

Economic Correspondent: Walton Hi-Tech Industries Limited (WHIL), a sister concern of the country’s electronics giant Walton Group, has organized a Road Show for eligible investors to raise a fund of Tk 100 crore from capital market through initial public offering (IPO) under the book building method.

The Road Show was held at Walton Corporate Office in the capital’s Bashudhara Residential Area on Tuesday evening (15 January 2019).

Walton Hi-Tech Industries Limited Chairman SM Nurul Alam Rezvi delivered the welcome address in the Road Show program while Managing Director SM Ashraful Alam, Director SM Mahbubul Alam, Independent Director Md. Farhad Hussain FCA, International Business Unit (IBU) president Edward Kim, AAA Finance and Investment Limited Chairman Khaja Arif, Prime Bank Investment Limited Managing Director and Chief Executive Officer Dr. Md Tabarak Hossain Bhuyian, among others, addressed the event.

The Road Show highlighted that as of July to September of the current fiscal year 2018-19, the company registered its EPS (Earning Per Share) at Tk 10.59 and NAV (Net Asset Value) at Tk 208 while its Retained Earnings stood at Tk 2,798.13 crore and Net Operating Cash Flow as per share posted Tk 17.20. The authorized and paid up capital of the company are Tk 600 crore and Tk 300 crore respectively.

Tk 62.6 crore of the raised fund will be utilized in factory expansion, modernization, research and development while Tk 33 crore in repayment of partial bank loans and the rest of Tk 4.5 crore in meeting IPO expenses.

In his welcome message, SM Nurul Alam Rezvi, Chairman to Walton Hi-Tech Industries Limited, said, after meeting local demand, Walton products are being exported to different countries of the world. This is a great success for Walton in which every people of the country have contribution. Walton is entering share market to make people its development partner.

SM Ashraful Alam, Managing Director to Walton, said: Manufacturing of hi-tech products like refrigerator, air-conditioner, compressor, television etc. in Bangladesh was like a day dream which Walton made reality. This year we have targeted to sell 2-million-unit refrigerators in local market. Now, our main focus is to become a global brand and seize the global market providing international standard ‘Made in Bangladesh’ products.

He also informed that Walton is not giving any private placement in stock market. The company will strictly follow the rules and regulations of the capital market, he added.

SM Mahbubul Alam, Director to Walton Hi-Tech Industries, said: Walton has already prepared a Road Map to grab the global market. He hoped that people of the country would be a part of the journey by investing on Walton in share market.

AAA Finance and Investment Limited is manager to the issue of the company in stock market while Prime Bank Investment Limited is registrar to the issue.

Merchant Bankers and Portfolio Managers, Asset Management Companies, Mutual Funds and Collective Investment Scheme, Stock Dealers, Alternative Investment Fund Managers, representatives from banks, financial institution, insurance companies, alternative investment funds, and other eligible investors along with the top officials from Stock Exchanges and Bangladesh Securities and Exchange Commission were also present in the Road Show.

risingbd/Dhaka/Jan 16, 2019/Ekram/AI