IPO subscription of two companies this month

FE Report | Published: July 02, 2014 00:00:00 | Updated: November 30, 2026 06:01:00

The public subscription of two companies -- Saif Powertec Ltd and Ratanpur Steel Re-rolling Mills Ltd -- will begin this month, officials said
The initial public offering (IPO) subscription of Saif Powertec will begin on July 6 and remain open till July 10 for resident Bangladeshis and July 19 for non-resident Bangladeshis (NRBs).
Using the fixed price method, Saif Powertec set to raise a fund worth Tk 360 million from public by floating 12 million ordinary shares at an offer price of Tk 30, including a premium of Tk 20 for each ten taka share.
The fund which will be raised through the public offering will be used to set up a new project for manufacturing battery and to meet the expenses of IPO process, according to the IPO prospectus.
The company's earning per share (EPS), calculated as per weighted average, and the net asset value (NAV) are of Tk 3.01 and Tk 24.29 respectively, according to the financial statement for the year ended on June 30, 2013.
The ICB Capital Management has been appointed the issue manager of the Saif Powertec's IPO.
The securities regulator -- Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Saif Powertec on April 16, this year.
Meanwhile, the public subscription of Ratanpur Steel Re-rolling Mills (RSRM) will begin on July 13 and remain open till July 17 for resident Bangladeshis and July 26 for non-resident Bangladeshis (NRBs).
The RSRM will offload 25 million ordinary shares at an offer price of Tk 40, including a premium of Tk 30 for each ten taka share, using fixed price method and raise a fund worth Tk 1.0 billion.
The company will raise the fund through public offering to boost the capital base, repay bank loans and bear the expenses of IPO proceedings, the IPO prospectus said.
Considering the weighted average of last five years ended on June 30, 2013, the company's consolidated earnings per share (EPS) and net asset value (NAV) are of Tk 4.58 and Tk 53.69 respectively.
The Janata Capital and Investment and Trust Bank Investment have been appointed the manager to the issue of the RSRM.
The securities regulator -- BSEC approved the IPO proposal of RSRM on May 7, this year.
A BSEC official said that the stock market regulator plans to approve with two IPO proposals on an average every month to balance supply and demands side.