BBN file photo

Dhaka, Bangladesh (BBN) – BBS Cables, a sister concern of Bangladesh Building Systems, is set to make its share trading debut on Monday on both bourses under “N” category, officials said.
Dhaka Stock Exchange (DSE) trading code for BBS Cables is “BBSCABLES” and company code is 13242 while Chittagong Stock Exchange (CSE) scrip ID is 16035 and scrip code is “BBSCABLES”.
BBS Cables, which received regulatory approval from the securities regulator on April 13, this year floated 20 million ordinary shares and raised BDT 200 million from the public using the fixed price method.
The IPO subscription of the electric wires manufacturer was open to resident and non-resident Bangladeshis during the period of May 23 to June 4, 2017.
Applications for the company’s IPO subscription were more than 48 times the offer as the company received about BDT 9.61 billion against BDT 200 million.
The company will use the IPO proceeds for acquisition of plant & machineries, building & other civil works, partial repayment of bank loans and meeting IPO expenses.
The company’s earnings per share (EPS) stood at BDT 2.46 and net asset value (NAV) without revaluation per share at BDT 16.87 in June last year.
Banco Finance & Investment and ICB Capital Management are jointly working as issue managers of the IPO.
Located at Sreepur in Gazipur, BBS Cables is equipped with state-of-the-art technology to manufacture and test all types of quality cables, wires and conductors, according to the company’s website.
BBS Cables is a unit of Bangladesh Building Systems. Bangladesh Building Systems was listed with the capital market since October 2013.
Each share of Bangladesh Building Systems closed at BDT 51.50 on Sunday at DSE, registering an increase of 1.18 per cent the previous session.
Another unit of the Bangladesh Building Systems – Nahee Aluminum Composite Panel – also got regulatory approval for initial public offering (IPO) on Thursday last which will raise a capital worth BDT 150 million under fixed price method, floating 15 million ordinary shares.