BPPL Holdings IPO draws 311 applications

The country’s first IPO in the manufacturing sector for three years by BPPL Holdings has attracted 311 applications on its way to being oversubscribed.

One of the largest backwardly integrated brush manufacturers not only locally but in Southeast Asia, the BPPL’s IPO was 30.685 million shares at Rs. 12 each (total value of Rs. 368 million) was oversubscribed on its official day of opening on 7 March.

The company announced this week it had received 310 applications with payments via cheque and RTGS requesting for 35.09 million shares for Rs. 421 million and a sole application via bank guarantee requesting for 0.83 million shares worth Rs. 10 million. Total applications of 311 requested for 36 million shares worth Rs. 431 million.

The response confirms majority interests from retail investors. Several brokers recommended the BPPL IPO for its attractive pricing and future prospects.