Dhaka, Bangladesh (BBN)- The initial public offering (IPO) subscription of Tosrifa Industries is going to begin on March 24 aiming to raise a fund worth above BDT 638.72 million from the public, officials said.
IPO subscription of the cent per cent export oriented garment manufacturer will begin on March 24 and remain open till March 31, 2015 for resident Bangladeshi and it will be continued till April 9, 2015 for non-resident Bangladeshi (NRB).
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Tosrifa Industries on February 10, 2015.
The company is set to float above 24.56 million ordinary shares worth BDT 10 each for BDT 26, with BDT 16 as premium, according to company’s IPO prospectus.
This company has offered its 60 per cent share for general public, 20 per cent share for small affected investors, 10 per cent share for NRB and 10 per cent share for mutual fund.
Tosrifa, a flagship of Northern Tosrifa Group, will use the funds from the initial public offering for expansion of business 96.88 per cent and IPO expenses of 3.12 per cent.
The company’s earnings per share (EPS) as of December 2013 stood at BDT 2.49 with a net asset value (NAV) per share of BDT 34.41.
Currently, 39 textile companies are listed on Dhaka Stock Exchange (DSE) that accounts for around 5.0 per cent of the premier bourse’s total market capitalisation.
BBN/SSR/AD-17Mar15-11:56 pm (BST)