The public subscription of 'SEML FBLSL Growth Fund', a closed-end mutual fund, will be started on December 02.
The growth fund, which is 10 years tenure, will raise a fund worth Tk 550 million from the public through initial public offering (IPO).
The IPO subscription of the fund will be continued till December 13.
The securities regulator - Bangladesh Securities and Exchange Commission (BSEC) approved the draft prospectus of 'SEML FBLSL Growth Fund' on February 13.
As per the BSEC approval, the total size of the 'SEML FBLSL Growth Fund' is Tk 1.0 billion.
Of the fund's total size, Tk 100 million was financed by FBL Securities Limited, the sponsor of the mutual fund and Tk 350 million was collected through pre-IPO placement.
Remaining Tk 550 million will be collected through initial public offering (IPO) from general investors. The face value of the fund is Tk 10 each.
A market lot is 500 units and an investor needs Tk 5,000 to apply for each lot of the fund's IPO.
For non-resident Bangladeshis and foreign applicants, the required amount (per lot) for subscription is US$ 60.13 or GBP 45.93 or EUR 52.90, according to the Dhaka Stock Exchange (DSE).
Strategic Equity Management is the fund manager, while Bangladesh General Insurance Company and Brac Bank are the trustee and custodian of the Fund respectively.
The objective of the fund is to provide attractive dividend to the unit holders by investing the proceeds in the various financial instruments in the Bangladesh capital as well as money markets, according to its IPO prospectus.
Currently, 37 closed-end mutual funds are listed on the Dhaka bourse.
S.S Steel: The IPO lottery draw of S.S. Steel Ltd will be held today (Thursday), officials said.
The company will allocate 25 million ordinary shares among the successful applicants after the lottery draw.
The event will be held at 10:30am at A.G.B. Colony at Motijheel in Dhaka.
The IPO draw result will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company after the IPO lottery.
S.S. Steel, the engineering sector company, raised a capital worth Tk 250 million under the fixed price method.
The securities regulator approved the company's IPO proposal on July 17 to raise the said amount.
The IPO proceed will be utilised to purchase machineries (85.73 per cent), construction of new building (6.05 per cent) and bearing the IPO expenses (8.22 per cent).
As per the financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) per share is Tk 12, without revaluation, and Tk 15.35, with revaluation.
The company reported its earnings per share (EPS) of Tk 1.20 and weighted average of EPS of Tk 0.82.
The company's post-IPO paid-up capital will be Tk 2.45 billion and authorised capital is Tk 2.50 billion.
The Citizen Securities and Investment is working as issue managers of S.S. Steel.
The S.S. Steel began commercial operations on December 22, 2001.
The company is located in the Tongi Industrial Area in Gazipur, and its principal activities include the manufacturing of Billet, MS Rod, Iron Ingot, Deformed Rod, steel for the reinforcement of concrete (Ribbed Bar), Angel Bar and 500W steel.