Institutional bidding for shares of Ocean Containers Ltd (OCL), which is going to be listed directly within the next seven days, ended Wednesday night with 7.5 times oversubscription.More than 80 eligible institutions participated in the three-day bidding for 11.90 lakh OCL shares, reserved for institutional investors.
The institutions through the bidding under book building method also determined the price of each OCL share at Tk 145.Earlier, an indicative price for each OCL share was built at Tk 121 through bidding by five institutions.
OCL, an off-dock service provider mostly owned by listed company Summit Alliance Port, will utilise the raised fund through offloading shares directly for business expansion.“We'll use the funds to set up a container depot in Narayanganj. We've already purchased 14 acres of land there,” Mohammad Aziz Khan, chairman of OCL, told a press meet, organised by Chittagong Stock Exchange.
OCL, whose paid-up capital is Tk 23.80 crore, is a pioneer in inland container depot and container freight stations in Bangladesh. Its activities, though initially were limited to storage of empty containers, now comprises of stuffing and non-stuffing of more than 7,000 containers a month and a daily empty storage of 1,800 containers. CSE President Fakhor Uddin Ali Ahmed also spoke.