ML Dyeing to make trading debut Monday

FE Report | Published: September 14, 2018 13:06:44 | Updated: September 16, 2018 11:43:24


ML Dyeing Limited will make its share trading debut on stock exchanges under "N" category on Monday next, officials said.

The Dhaka Stock Exchange (DSE) trading code for the company is "MLDYEING" and DSE company code is 17479.

ML Dyeing will be the 52st listed company in the textile sector on the prime bourse. The textile sector accounted for about 3.90 per cent of the DSE's total market capitalisation.

ML Dyeing, which received approval from the Bangladesh Securities and Exchange Commission (BSEC) on May 14, raised a capital worth Tk 200 million from the capital market.

Using the fixed price method, ML Dyeing offloaded 20 million ordinary shares at an offer price of Tk 10 each.

The initial public offering (IPO) subscription of the company was held between July 8 and July 19.

According to the financial statements for the year ended on June 30, 2017, the net asset value (NAV) per share of the company stood at Tk 23.71 and earnings per share (EPS) was Tk 1.58.

The fund raised through the IPO will be used for purchasing machinery of 89.15 per cent and bearing the expenses of the IPO process of 10.85 per cent, according to the IPO prospectus.

The company's post-IPO paid-up capital is Tk 1.60 billion and authorised capital is Tk 2.10 billion.

Two companies - NBL Capital and Equity Management Ltd, and Rupali Investment - are working as the issue managers for the IPO process.

Located at Bhaluka in Mymensingh, the principal activities of the company are to carry on the business of dyeing and finishing yarn for 100 per cent export-oriented sweater industries in Bangladesh.

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