Bangladesh
6 years ago

ML Dyeing makes debut today

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ML Dyeing Limited makes its share trading debut on stock exchanges under "N" category today (Monday), 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 52nd 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.

The company, 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 08 and July 19.

The company's nine months profit after tax was Tk 167.58 million and basic earnings per share (EPS) of Tk 1.19 that ended on March 31, 2018 as against profit after tax of Tk 167.80 million and basic EPS of Tk 1.20 for the same period of the previous year.

The post-IPO EPS would be Tk 1.04 for nine months period ended on 31 March 2018.

The fund raised through the IPO will be used for purchasing machinery (89.15 per cent) and bearing the expenses of the IPO process (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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