Dhaka, Bangladesh (BBN)-The Dhaka Stock Exchange (DSE) has developed book building software to conduct the bidding of share price by eligible institutional investors (EIs) under the revised book building system, officials said.
The IT and Listing Department of the premier bourse have developed the software with the cooperation of the Bangladesh Securities and Exchange Commission (BSEC).
The premier bourse is set to inaugurate the newly developed software on May 26 (Thursday) at the DSE premises.
The BSEC commissioner Prof. Dr. Swapan Kumar Bala, Chittagong Stock Exchange (CSE) Chairman Muhammad Abdul Mazid, DSE director Dr. M Kaykobad is extected to attend the inaugural ceremony to be chaired by DSE chairman Justice Siddiqur Rahman Miah.
Abdul Matin Patwary, chief financial officer (CFO) of the premier bourse, said after the amendment brought in the public issue rules, the previous software was not able to conduct bidding of share price correctly.
“Then a DSE team developed a software to conduct bidding of share price in accordance with new requirements included in public issue rules,” said Patwary, also the acting managing director of the DSE.
He said the newly developed software is able to calculate cut off price and number of shares allocated for EIs under the modified book building system.
A DSE team led by deputy general manager Md. Imam Hossain developed the software.
In 2009, the DSE purchased a technical system from the Infotech Middleeast, a business solution provider of the Middle East region, to conduct the price bidding of the companies, which will go public under the book building system.
“The bidding system provided by Infotech Middleeast was expensive. It also took around six months to bring any change in the software to fulfill the regulatory requirements. That’s why the DSE itself developed the software,” said a DSE official.
He said the new software developed by the premier bourse would be more user-friendly and reduce the cost of completing the price bidding under the book building system.
BBN/SK/AD