Dhaka, Bangladesh (BBN)-The Bangladesh securities regulator on Wednesday approved the IPO (initial public offering) proposal of KDS Accessories Limited to raise a fund worth BDT 240 million from public, officials said.
The approval came at a commission meeting, chaired by Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor M Khairul Hossain at the BSEC office, said a statement issued by BSEC spokesperson and executive director, Md Saifur Rahman.
As per the regulatory approval, KDS Accessories will float 12 million ordinary shares at an offer price of BDT 20, including a premium of BDT 10 for each ten taka share.
According to the prospectus of the company, the fund, which will be collected through IPO, will be used to expansion of business, re-pay the bank loans and expenses of IPO proceedings.
The company’s weighted average earning per share (EPS) and net asset value (NAV) per share were BDT 2.29 and BDT 19.63 in accordance with the financial statement for the year ended on December 31, 2013.
Alliance Financial Services Ltd has been acted as the issue manager of the KDS Accessories’ IPO.