BSEC approves Queen South Textile IPO

The securities regulator has approved the IPO (initial public offering) proposal of Queen South Textile Mills which will raise a fund worth Tk 150 million from public.

The approval came Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

At Tuesday's meeting, the securities regulator also approved the proposal of issuing subordinate bond worth Tk 5.0 billion by Pubali Bank Ltd.

As per the BSEC approval, Queen South Textile Mills will issue 15 million shares at an offer price Tk 10 each under the fixed price method.

The company will utilise the fund for the purpose of purchasing machinery, modernising factory, constructing automated warehouse, repayment of bank loans and bearing the IPO expenses.

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