Dhaka, Bangladesh (BBN)-The Bangladesh securities regulator on Tuesday approved the IPO (initial public offering) proposal of Hamid Fabrics Limited (HFL) to raise a fund worth BDT 1.05 billion from public, officials said.
The approvals came at a meeting, chaired by the Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Khairul Hossain at the BSEC office.
As per the regulatory approval, Hamid Fabrics will float 30 million ordinary shares at an offer price of BDT 35, including a premium of BDT 25 for each ten taka share.
According to the prospectus of the company, the fund, which will be collected through the IPO of company, will be used to re-pay the bank loans, business expansion and expenses of IPO proceedings.
The company’s weighted average earning per share and net asset value (NAV) per share were BDT 2.97 and BDT 41.14 in accordance with the financial statement for the year ended on June 30, 3013.
The ICB Capital Management Company has been appointed the issue manager of the Hamid Fabric’s IPO.
BBN/BB/ANS-12Aug14-7:00pm (BST)