BBN file photo

Dhaka, Bangladesh (BBN) – Bangladesh’s Oimex Electrode is set to make its share trading debut on November 6 on Dhaka and Chittagong Stock Exchange under “N” category, officials said.

Oimex Electrode, which received regulatory approval for initial public offering (IPO) from the Bangladesh Securities and Exchange Commission (BSEC) on May 9, raised BDT 150 million from the public under fixed price method.

The company floated 15 million ordinary shares at an issue price of BDT 10 each and raised the said amount.

The IPO subscription of the company was open to resident and non-resident Bangladeshis during the period of September 5 to September 13.

Oimex Electrode will use the IPO fund for procurement of capital machinery, equipment and raw materials and to meet up IPO expenses.

As per the entity’s audited financial statement for the year ended on June 30, 2016, the company’s net asset value (NAV) per share and weighted average earnings per share (EPS) were BDT 14.87 and BDT 2.03 respectively.

MTB Capital is working as issue manager of the company’s IPO.

Established in 2005, the company is engaged in manufacturing and marketing of Welding Electrodes, Wire (G. I. Wire) and Tarkata (Nail). The core markets for the product of the company are engineering workshop, developer companies and other local customers, according to the company’s website.