Bangladesh
6 years ago

IPO subscription of ML Dyeing begins today

Silva Pharm's public subscription to open July 29

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The IPO subscription of ML Dyeing Limited will open today (Sunday) which will raise a fund worth Tk 200 million under the fixed price method.

The initial public offering (IPO) subscription will be continued till July 19.

The securities regulator, Bangladesh Securities and Exchange Commission (BSEC), approved the IPO proposal on May 14.

The company will float 20 million ordinary shares at an offer price of Tk 10 each.

The market lot is 500 shares and an investor needs Tk 5,000 to apply for one lot.

The required amount (per lot) in foreign currency for NRBs and foreign applicants is US$ 60.28 or GBP 45.24 or EUR 51.50, according to Dhaka Stock Exchange (DSE).

According to the financial statement for the year ended on June 30, 2017, the net asset value (NAV) per share of the company stood at Tk 23.17 and earnings per share (EPS) Tk 1.58.

The IPO proceeds would be used to purchase machinery and bear the expenses of the IPO process.

NBL Capital and Equity Management Limited and Ruplali Investment are jointly working as the issue manager for the IPO.

ML Dyeing will be the 51st listed company in the textile sector after completing all formalities.

ML Dyeing is located at Bhaluka in Mymensing and produces Hanks Dyeing, Acrylic Yarn, Cotton Yarn, Cone Dyeing and Piece Dyeing for the export-oriented garment industry.

Meanwhile, the IPO subscription of Silva Pharmaceuticals will open on July 29 and will continue till August 05.

The securities regulator approved the IPO proposal on June 11 to raise a capital worth Tk 300 million under the fixed price method.

As per the approval, the company will offload 30 million ordinary shares at an offer price of Tk 10 each.

The pharmaceutical company will purchase machineries, construct building, repay bank loans and bear the IPO expenses with the IPO fund.

The Silva Pharmaceuticals reported net asset value (NAV) of Tk 16.48 per share, (without revaluation), weighted average EPS worth Tk 1.03 as per the financial statement for the year ended on June 30, 2017.

Prime Finance Capital Management, Imperial Capital and SBL Capital Management are working as managers to the issue.

After completing all procedures, Silva Pharmaceuticals will be the 30th listed company in the Pharmaceuticals & Chemicals sector.

The company is engaged in manufacturing and marketing of pharmaceuticals finished products in the categories of Antibiotics, Analgesics, Anti diabetics, Narcotics etc.

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