Subscription of Qualified Investor Offer (QIO) of Krishibid Seed, a concern of Krishibid Group, hit 2.54 times high on the exchange's SME board.
The company's subscription of QIO was held between March 20 and March 24 to raise a fund worth Tk 116 million under fixed price method.
According to DSE information, a total of 72 Qualified Investors (QIs) applied for shares of Krishibid Seed.
The company received applications worth Tk above 294.35 million from those 72 QIs against the size of QIO worth Tk 116 million.
As a result, the QIO subscription of Krishibid Seed hit 2.54 times of the original amount of capital raised issuing 11.6 million ordinary shares of Tk 10 each.
The company will utilise the proceeds for the purpose of building a cold storage depot, storage building, and seed research along with bearing the expense of issue management.
On January 31, the Bangladesh Securities and Exchange Commission (BSEC) approved the company's proposal for raising the said capital through the QIO.
SBL Capital is working as issue manager of the Krishibid Seed.
Only the QIs are allowed to apply for the shares of the companies which raise capital through the exchange's SME board.
Before commencing the QIO subscription of Krishibid Seed, the securities regulator slashed drastically the minimum investment limit for an investor to be qualified for the SME Platforms of the exchanges.
Presently, an individual investor having an investment of minimum Tk 2.0 million in the listed securities is also considered as a QI.
The securities regulator reduced the previous threshold of Tk 10 million to attract more investors on the platform where the number of SME scrips is now on the rise.
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