IPO subscriptions of Fareast Finance, Bangladesh Building Systems this month
Dhaka, Bangladesh (BBN): The initial public offering (IPO) subscription of two companies --- Fareast Finance & Investment and Bangladesh Building Systems will begin on July 14, 21 respectively.
Fareast Finance & Investment: The public subscription of Fareast Finance & Investment will begin on July 14 and remain open till July 18 for resident Bangladeshis and July 27 for non-resident Bangladeshis.
Earlier on May 30, this year, the Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Fareast Finance & Investment.
The company will float 45 million ordinary shares to raise Tk 450 million at an offer price of Tk 10 each without premium. A market lot is 500 shares.
According to the company’s IPO’s diary, the net proceeds will strengthen the capital base and liquidity of the company.
The Grameen Capital Management is acting as the issue manager of the Fareast Finance IPO.
Bangladesh Building Systems: The public subscription of Bangladesh Building Systems will begin on July 21 and remain open till July 25 for resident Bangladeshis and August 3 for non-resident Bangladeshis.
Earlier on June 11, the BSEC approved the IPO proposal of Bangladesh Building Systems Limited.
Bangladesh Building System will float 14 million ordinary shares of Tk 10 each without premium. The company will use the IPO proceeds to repay its bank loans and IPO expenses.
The company’s earnings per share is Tk 2.58 and Net Asset value (NAV) is Tk 13.07, according to its 30 June, 2012 financial statements.
Janata Capital and Investments Ltd, merchant banking wing of state-owned Janata Bank is the issue manager of Bangladesh Building System's IPO.