Dhaka, Bangladesh (BBN)– The initial public offering (IPO) subscription of the state-run fuel company Mobil Jamuna Lubricants (MJL) starts from January 2 next, officials said on Sunday.

Resident Bangladeshis will be allowed to apply for the IPO of MJL from January 2 to January 6. On the other hand, non-resident Bangladeshis will be allowed to apply for IPO from January 2 to January 15, according to subscription schedules.

The Securities and Exchange Commission (SEC) gave the green light to MJL to go public under book building method on November 25 this year.

The IPO size of MJL is BDT 6.09 billion whereas the IPO size of Grameenphone was BDT 4.86 billion. The MJL will float 40 million ordinary shares worth BDT 10 each in face value.

The cut-off price, or IPO price, of each MJL share has been fixed at BDT 152.40 through bidding by institutional investors. It means that an individual will have to apply with BDT 15,240 for a market lot of 100 MJL shares.

BBN/SI/AD-13Dec10-12:49 am (BST)