Dhaka, Bangladesh (BBN)-The initial public offering (IPO) subscription of the Western Marine Shipyard Limited (WMSL) begin Sunday, officials said.
The resident Bangladeshis will be able to apply for the shares of WMSL till August 14 whereas the non-resident Bangladeshis (NRBs) will be allowed to apply for the shares till August 23.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the WMSL on June 3 last to offload shares under the fixed price method.
The company will float 45 million ordinary shares at an offer price of BDT 35, including a premium of BDT 25 for each ten taka share, to raise a fund worth BDT 1,575 million from the public.
A market lot of the WMSL comprises of 100 shares.
As per the IPO prospectus, the WMSL will use the IPO fund for loan repayment, infrastructure development and expenses of IPO proceedings.
The company’s earnings per share (EPS) and net asset value (NAV) per share are BDT 3.87 (weighted average) and BDT 40.27 respectively as per the financial statement for the year ended on June 30, 2013.
Prime Finance Capital Management, ICB Capital Management and EC Securities are working as issue managers of the WMSL.
BBN/BB/AD-10Aug14-3:00pm (BST)