Dhaka, Bangladesh (BBN) – The initial public offering (IPO) subscription of Nahee Aluminum Composite Panel began Sunday aiming to raise BDT 150 million from the public under the fixed price method.
The IPO subscription of the company will be opened till October 3 for resident and non-resident Bangladeshis.
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Nahee Aluminum on July 27 to raise a capital worth BDT 150 million under fixed price method.
The company will float 15 million ordinary shares of BDT 10 each for raising the said amount.
A market lot is 500 shares and an investor needs BDT 5,000 to apply for per lot of the company’s IPO.
The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 61.92 or GBP 48.20 or EUR 52.20, according to Dhaka Stock Exchange (DSE).
According to the BSEC, the company’s IPO proceeds will be used for building construction, expansion of business, setting up new machineries, pay off bank loan and IPO expenses.
The company has reported earnings per share (EPS) of BDT 2.33, according to its financial statement for the year ended on 30 June, 2016.
Without valuation, the company’s reported its net asset value (NAV) per share of BDT 12.78 for the year ended on June 30, 2016.
Banco Finance & Investment is acting as the issue manager of the IPO of Nahee Aluminum.
After completing all procedures, the Nahee Aluminum will be the 34th listed company in the engineering sector in the prime bourse.
According to the company’s official website, Nahee Aluminum, located at Sreepur in Gazipur, is pioneer of Aluminum Composite Panel (ACP) manufacturer in Bangladesh. It was incorporated in 2010.
The company’s managing director Engr. Abu Noman Howlader is also the managing director of BBS Cables, Bangladesh Building Systems (BBS), BBS Metallurgic Industries, Helix Wire & Cables, according to the company’s website information.
Bangladesh Building Systems was listed with the Dhaka bourse since 2013 and BBS Cables made debut trading on July 31, this year.
BBN/SS/ANS
