Dhaka, Bangladesh (BBN) - The initial public offering (IPO) subscription of Yeakin Polymer Limited (YPL) will begin from Sunday to raise a fund worth BDT 200 million from the public, officials said.
The company’s IPO subscription will be continued till July 20 for resident and non-resident Bangladeshis.
Stock market regulator Bangladesh Securities and Exchange Commission (BSEC) approved Yeakin Polymer’s IPO proposal to raise the said amount from the public on May 19 this year.
According to BSEC approval, the Khulna-based polypropylene (PP) woven bag manufacturer will float 20 million ordinary shares worth BDT 10 each to raise BDT 200 million from the public using the fixed price method.
The IPO lot is 500 shares and resident Bangladeshis have to deposit BDT 5,000 for per lot IPO shares of Yeakin Polymer.
Foreign currency required for non-resident Bangladeshis and foreign applicants of Yeakin Polymer will be US$ 64.11, UK Pound 45.07 and Euro 57.28 per lot.
The company will utilize the funds from the initial public offering to purchase machinery, construct a factory and administration building and IPO expenses, according to IPO prospectus.
As per the financial statement for the year ended June 30, 2015, the company’s earnings per share (EPS) stood at BDT 1.41 and net asset value (NAV) per share of BDT 14.61.
Imperial Capital and FAS Capital Management are jointly managing the Yeakin Polymer’s IPO.
According to the IPO prospectus, the company’s pre-IPO paid-up capital is BDT 390 million and authorized capital is BDT 1,000 million.
Incorporated in 2001 as a public limited company, Yeakin Polymer is engage in manufacturing and marketing of PP Woven Bag, Fabric and Liner. The manufacturing unit is situated at Khulna in the southwest region of Bangladesh.
BBN/SSR/BB