Dhaka, Bangladesh (BBN) – The Securities and Exchange Commission (SEC) on Tuesday approved two new IPOs (Initial Public Offerings) of Tk 455 million and a new asset management company.

The approval came at the regular ‘commission meeting’ chaired by its Chairman Faruq Ahmad Siddiqi that also decided to hold lottery of an issue in four weeks and cut short the time to refund subscription to five weeks from existing six weeks, starting with these two new IPOs.

The commission also decided to publish the lottery results of any new issue at the websites of the Dhaka and Chittagong stock exchanges, SEC Executive Director Farhad Ahmed told reporters at his office in the capital, Dhaka, according to news reports.

He also said BSRM Steels Ltd, manufacturer of 500-grade steel rod, will raise BDT 200 million from the stock market through floating 2.0 million primary shares of BDT 100 each.

Bay Leasing and Investments, a non-banking financial institution, will raise BDT 255 million through issuing 1020000 ordinary shares of BDT 250 each including a premium of BDT 150 each to meet the regulatory requirement of increasing the paid up capital.

Besides, the Race Management Private Company Limited has won the SEC approval to operate in the capital market as the sixth private asset management company.

BBN/SI/SI/AD-17September08-1:20 AM