Dhaka, Bangladesh (BBN)-The initial public offering (IPO) subscription of Tung Hai Knitting and Dyeing, a textile maker, will begin on May 18 to raise a fund worth Tk 350 million from public.

The IPO subscription will remain open until May 22 for resident Bangladeshis, while it will be continued till May 31, 2014 for the non-resident Bangladeshis (NRBs).

Using the fixed price method, the company is set to float 35 million ordinary shares of BDT 10 each to raise BDT 350 million from the public.

The market lot of the company is 500 shares.

The textile maker will use the fund to meet working capital needs, purchase machinery and pay the bank term loans.

AFC Capital and Imperial Capital will manage the initial public offering, according to the IPO prospectus statement.

The company’s earnings per share stood at BDT 1.15 and net asset value per share at BDT 13.73 on December 2012.

The securities regulator — Bangladesh Securities and Exchange Commission (BSEC) — gave a green light to Tung Hai Knitting and Dyeing on February 18, 2014.

BBN/BB/AF-14May14-6:30pm (BST)