BSEC approves ML Dyeing IPO
Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) of ML Dyeing, which will raise Tk 200 million from the market. The approval came from a commission meeting held on Monday, presided over by BSEC Chairman M Khairul Hossain. As per the commission's nod, the company will offload 20 million ordinary shares using fixed price method. As per the financial statements ended on June 30, 2017, net asset value per share of the company was Tk 23.71 without revaluation while the weighted average earnings per share is Tk 2.35. The IPO proceeds will be used to buy machinery and bear the IPO expenses. NBL Capital and Equity Management and Rupali Investment Limited will act as the issue manager to the IPO.
— FE Report
IDLC inks IPO deal with Fakhruddin Textile
Fakhruddin Textile Mills Limited recently signed an agreement with IDLC Investments Limited to raise capital through Initial Public Offering (IPO). IDLC Investments Limited will act as the issue manager for the proposed IPO. Fakhruddin Textile Mills Limited, a concern of Urmi Group, is a 100 per cent export-oriented readymade knit garments manufacturer. Incorporated in 1994, the company exported RMG worth Tk 5.5 billion during the year ended on June 30, 2017. Asif Ashraf, Managing Director of Fakhruddin Textile Mills Limited, and Md. Moniruzzaman, CFA, Managing Director of IDLC Investments Limited, signed the agreement on behalf of their respective companies. While speaking on the occasion, Md Moniruzzaman expressed the hope that more companies with strong fundamentals would consider the capital market for fund raising to fuel business growth. Arif Khan, CEO & Managing Director of IDLC Finance Limited, and other senior officials of the companies were also present on the occasion.
— Statement
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