Dhaka, Bangladesh (BBN)– Subscriptions to the initial public offering (IPO) of Deshbandhu Polymer Limited will start on October 24 this year.

The subscriptions will remain open until October 28 for local investors, but the closing date for Non-resident Bangladeshis (NRBs) is November 6.

The company is offering 16 million shares with a face value of BDT 10 and a market lot of 500 shares.

Net proceeds from the public offerings will be used for modernization and renovation of the company, when a portion of the fund will be used for working capital.

According to the prospectus of the company, the earning per share (EPS) was BDT 3.47 as on April 30 this year when the net asset value (NAV) per share was BDT 13.63.

BBN/SSR/SI-18Oct10-11:37 am (BST)