Golden Son IPO applicants stage protest rally

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The unsuccessful IPO applicants of Golden Son Ltd agitating in front of the DSE Thursday demanding their refund warrants. — FE Photo

FE Report
The angry unsuccessful applicants of Golden Son Limited's (GSL) Initial Public Offering (IPO) staged a demonstration in front of Dhaka Stock Exchange (DSE) Thursday for getting back their refund warrants quickly.
The applicants gathered before the DSE at 1pm and blocked the road for one hour. At one stage of agitation, they burnt a digital banner of GSL, chanted slogans against the company, and blamed it for not returning their refund warrants.
However, the company and its post issue manager Softsis Data Management said the unsuccessful applicants are still facing problems in getting back refund warrants due to their (applicants) errors, delay and extra fees charged by the banks, and inadequate support from the issue manager.
The officials of Softsis Thursday showed some application forms to the FE, where the unsuccessful applicants had not properly mentioned their bank account numbers and branch names. The officials said a large number of applicants had done the same mistake.
Meanwhile, Sonali Bank has completed sorting of GSL refund warrants, which will be sent to the branches within the next Sunday.
The GSL authority said its officials had been deputed to different branches of respective banks to sort out the refund warrants.
"The private banks have charged Tk 10 per applicant for distribution of refund warrants, and the charge has been paid from the company's account," GSL officials said.
"Uttara Bank, Pubali Bank, Janata Bank and Sonali Bank also demanded 0.10 per cent from the GSL on the basis of their total refund warrant distribution. The banks will charge the fees after distribution of the refund warrants," they added.
An SEC official said, "The Securities and Exchange Commission (SEC) will send an explanation letter to the GSL's issue manager. After having its reply the SEC will decide on the action that could be taken against the issue manager."
Abdur Rouf, CEO of ICB Capital Management Ltd, the issue manager of GSL, said, "After the IPO lottery draw, the post issue manager should be fully involved with distribution of the refund warrants. Our people are also working for the same purpose."
Another source said at present GSL is not willing to lodge any complaint against the issue manager for not giving proper support. At first, GSL wants to complete distribution of the refund warrants.