Dhaka, Bangladesh (BBN)-The board of directors of Dhaka Stock Exchange (DSE) has approved the listing proposal of FAR Chemical Industries Limited to take the way to make its debut on the DSE soon, officials said.
The approval came at a DSE board meeting held on Monday at the DSE board room chaired by its chairman Justice Siddiqur Rahman Miah.
The company’s IPO subscription was held on March 10 to March 16 for resident Bangladeshis, while it was continued till March 25, 2014 for non-resident Bangladeshis (NRB).
Using the fixed price method, the company floated 12 million ordinary shares of BDT 10 each without premium and raised a fund worth BDT 120 million from public. The market lot of the company is 500 shares.
FAR Chemical Industries, a textile chemical producer, initial public offering (IPO) hit around 73 time’s higher subscription, meaning the investors’ interest to the company’s IPO.
The company used the fund to buy capital machinery and increase the current capacity. First Securities Services Ltd acted as issue manager of the company’s IPO.
The company’s basic earnings per share (EPS) as of June 2013 stood at BDT 5.01 with a net asset value per share of BDT 15.55.
The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) approved the prospectus of the company on January 21, 2014.
FAR Chemical Industries based industry situated in Comilla EPZ, producing all types of textile chemicals needed the Group’s 100 per cent export oriented textile sector, according to its website.
BBN/BB/SSR/AD-20May14-12:04 pm (BST)
