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ML Dyeing, Silva Pharma to raise total Tk 500m

FE Report | Published: July 02, 2018 10:55:22 | Updated: July 03, 2018 10:42:13


The public subscription of ML Dyeing Limited and Silva Pharmaceuticals Limited will open on July 8 and July 29 respectively, officials said.

ML Dyeing will raise Tk 200 million and Silva Pharmaceuticals will raise Tk 300 million from the capital market using the fixed price method.

ML Dyeing: The initial public offering (IPO) subscription of ML Dyeing will be continued till July 19.

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

Using the fixed price method, ML Dyeing 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 that 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 fund to be raised through the IPO would be used for purchasing machinery and to 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.

Silva Pharma: The IPO subscription of Silva Pharmaceuticals will open on July 29 which will be continued till August 5.

The securities regulator approved the company's 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.

Silva Pharmaceuticals is engage in manufacturing and marketing of pharmaceuticals finished products in the categories of Antibiotics, Analgesics, Anti diabetics, Narcotics etc.

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