Dhaka, Bangladesh (BBN)-The public subscription of Saif Powertec Ltd received around BDT 3.51 billion against public issue of IPO of BDT 360 million which is over subscribed by 9.74 times, officials said.
Total subscription received from general public BDT 2.17 billion, affected small investors BDT Tk.392 million, non-resident Bangladeshis BDT 104 million and mutual funds BDT 837 million.
The initial public offering (IPO) subscription of Saif Powertec was held on July 6 to July 10 for resident Bangladeshis and July 19 for non-resident Bangladeshis (NRBs).
Using the fixed price method, Saif Powertec floated 12 million ordinary shares at an offer price of Tk 30, including a premium of Tk 20 for each ten taka share.
The fund will be issued to set up a new project for manufacturing battery and to meet the expenses of IPO process, according to the IPO prospectus.
The company’s earning per share (EPS), calculated as per weighted average, and the net asset value (NAV) are of Tk 3.01 and Tk 24.29 respectively, according to the financial statement for the year ended on June 30, 2013.
The ICB Capital Management acted as the issue manager of the Saif Powertec’s IPO.
The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) – approved the IPO proposal of Saif Powertec on April 16, this year.
Meanwhile, the public subscription of Ratanpur Steel Re-rolling Mills (RSRM) received around BDT 6.0 billion against public issue of BDT 1.0 billion which is oversubscribed by 6 times.
Total subscription received from general public BDT 5.47 billion, including affected small investors and mutual funds while non-resident Bangladeshis BDT 530 million.
The IPO subscription was held July 13 to July July 17 for resident Bangladeshis and July 26 for non-resident Bangladeshis (NRBs).
The RSRM offloaded 25 million ordinary shares at an offer price of BDT 40, including a premium of BDT 30 for each ten taka share, using fixed price method and raised a fund worth BDT 1.0 billion.
Considering the weighted average of last five years ended on June 30, 2013, the company’s consolidated earnings per share (EPS) and net asset value (NAV) are of BDT 4.58 and BDT 53.69 respectively.
The Janata Capital and Investment and Trust Bank Investment have been appointed the manager to the issue of the RSRM.
The securities regulator – BSEC – approved the IPO proposal of RSRM on May 7, this year.
BBN/BB/AD-03Aug14-9:00pm (BST)
