Hamid Fabrics gets DSE approval

Hamid Fabrics Limited (HFL) got the listing approval from the Dhaka Stock Exchange (DSE) Monday.

The approval came at a DSE board meeting held Monday at the DSE board room chaired by its Chairman Justice Siddiqur Rahman Miah.

Trading date of Hamid Fabrics will be announced soon, said a DSE official. "We will fix the trading date after transferring shares to respective beneficiary owners' (BO) accounts," he said.

Hamid Fabrics was the first in offering issues under the new IPO method through the stockbrokers and merchant banks which aimed to cut down the processing time to three weeks from more than five weeks.

As many as 174 stockbrokers from the Dhaka Stock Exchange (DSE) and 73 from the Chittagong Stock Exchange (CSE) along with 37 merchant banks participated in the Hamid fabric's IPO.

The public subscription of Hamid Fabrics, a sister concern of Mahin Group, was held September 28 to October 2 for resident Bangladeshi while October 11 for non-resident Bangladeshis.

Using the fixed price method, the textile company floated 30 million ordinary shares of Tk 10 each at an offer price of Tk 35, including Tk 25 as premium and raised a fund worth Tk 1.05 billion from public.

The textile company's IPO subscription is oversubscribed around nine times. A market lot is 200 shares.

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