Dhaka, Bangladesh (BBN) - Shasha Denims Ltd (SDL), one of the leading Denims producers inBangladesh, got listing approval from the Dhaka Stock Exchange (DSE) on Wednesday, officials said.
Trading date of the Shasha Denims will be announced soon, said a DSE official. “We will fix the trading date after transferring shares to respective beneficiary owners’ (BO) accounts” he said.
The initial public offering (IPO) subscription of the denim producer took place between December 14 toDecember 21, 2014 for the resident Bangladeshi and it was continued December 30, 2014 for the non-resident Bangladeshi.
The Denims producers floated 50 million ordinary shares at an offer price of BDT 35, including a premium of BDT 25 for each BDT 10 share and raised a fund worth BDT 1.75 billion from public.
IPO subscription of the company over subscribed by 5.50 times as the company received over BDT 9.63 billion against public issue of over BDT 1.75 billion.
Shasha Denims is the 39th listed firm under the textile sector on the DSE that accounts for around 3.50 percent of the DSE’s total market capitalisation.
IPO fund is begin used for expanding business, repay bank loans and bear the expenses of the IPO proceedings.
According to the audited financial reports for the year that ended on December 31, 2013, the company’s earnings per share stand at BDT 3.73, while its net asset value is BDT 52.95.
AFC Capital and Imperial Capital acted as issue manager of the Shasha Denims’s IPO.
The securities regulators -- Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Shasha Denims on October 10, last year.
Shasha Denims Ltd is one of the leading denims fabric producers in Bangladesh since 2000. SDL a professionally managed and technically sound organization located at Dhaka Export Processing Zone (DEPZ), according to the company’s IPO prospectus.
BBN/SSR/AD-20Feb15-11:20 pm (BST)