Dhaka, Bangladesh (BBN)– Bangladesh Building System Ltd (BBS) is going to go public to raise working capital in an effort to meet its expanding project costs.

As part of the move, the private sector company appointed Janata Capital and Investment Limited (JCIL), merchant banking wing of state-owned Janata Bank on Tuesday as the issue manager for the IPO.

Jahangir Miah, chief executive officer of JCIL, and Abu Noman Howlader, managing director of the BBS, signed a deal on behalf of their respective organizations.

The pre-fabricated steel structure maker will float 24 million ordinary shares of BDT 10 each using the book-building method, a modern pricing mechanism for initial public offering (IPO).

The BBS launched commercial operation in 2005 and now has the capacity of producing 15,000 tonnes steel building products with an installation of 4000000 square feet floor a year.

The BBS’s factory located in Gazipur is involved in manufacturing of pre-engineered steel buildings in Bangladesh to meet growing demand, especially in the industrial sector.

BBN/SI/AD-08Dec10-11:33 am (BST)