Dhaka, Bangladesh (BBN)-The securities regulator on Monday approved the initial public offering (IPO) proposal of Regent Textile Mills Limited to raise a fund worth BDT 1.25 billion from the public, officials said.
The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) chaired by its Chairman Prof M Khairul Hossain held at the BSEC office in Dhaka, the capital of Bangladesh.
As per the securities regulator’s approval, Regent Textile will float 50 million ordinary shares at an offer price of BDT 25, including a premium of BDT 15 for each BDT 10 share.
The company will use the funds from the initial public offering for BMRE (balancing, modernisation, rehabilitation and expansion), set up a new project of readymade garment and bear the cost of IPO proceedings, according to the BSEC statement.
As per the audited financial statement for the year ended on December 31 in 2014, the company’s earning per share (EPS) is Tk 2.48 and net asset value (NAV) Tk 33.62.
LankaBangla Investments Ltd has been appointed as issue managers of Regent Textile’s IPO.
After completing all procedures, Simtex Industries Ltd will be the 41st listed firm in the textile sector that accounts for more than 5.0 percent of DSE’s total market capitalisation.
Regent Textile Mills is an export oriented textile mill for woven fabrics.
As a vertically integrated company, the company is involved in every stage of the production process – from cotton selection to final packed goods.
The company’s plant’s capacity is 50,000 meters per day, according to company’s website information.
BBN/BB/ANS