Dhaka, Bangladesh (BBN)-The Bangladesh securities regulator on Tuesday approved the initial public offering (IPO) proposal of Simtex Industries Limited, which will raise BDT 600 million from the public.
The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) chaired by its Chairman Prof M Khairul Hossain held at the BSEC office.
As per the securities regulator’s approval, Simtex Industries will offload 30 million ordinary shares at an offer price of BDT 20, including a premium of BDT 10 for each share of ten taka.
The company will utilise the IPO funds to purchase machinery, utilise as working capital, repayment bank loan and bear the cost of IPO proceedings, according to the BSEC statement.
As per the audited financial statement for the year ended on June 30, 2014, the company’s weighted average earning per share (EPS) is BDT 3.33 and net asset value (NAV) BDT 19.60.
AFC Capital Ltd and Imperial Capital Ltd have been appointed as issue managers of Simtex Industries’ IPO.
Simtex Industries Ltd is one of the biggest providers of Sewing Thread and Yarn Dyeing in Bangladesh.
The company started its commercial operation from the Savar plant in 2009, according to company’s website.
BBN/BB/ANS