BSEC okays Tk 15cr IPO of Queen South Textile

Staff Correspondent | Published: 22:12, Nov 14,2017 | Updated: 22:16, Nov 14,2017

 
 

The Bangladesh Securities and Exchange Commission on Tuesday approved Queen South Textile Mills Limited’s proposal to raise Tk 15 crore from the capital market through initial public offering.
The textile company will float 1.50 crore shares at an issue price of Tk 10 each.
A BSEC meeting, presided over by its chairman M Khairul Hossain, approved the IPO proposal, said a BSEC press release.
The textile company will use the IPO fund in constructing warehouse, buying machineries, moderating the factory and paying back the bank’s loan, and to meet up IPO expenses.
As per the entity’s audited financial statement for the year ended on December 31, 2016, the company’s net asset value per share and weighted average earnings per share were Tk 16.20 and Tk 1.42 respectively.
Alpha Capital Management is the issue manager of the company’s IPO.
The commission in the meeting also okayed Tk 500-crore non-convertible subordinated floating rate bond of Pubali Bank. The tenure of the bond will be for seven years.
The face value of each unit of the bonds will be Tk 5 crore.
Eligible investors like financial institutions, corporate entities, funds, insurance companies will be allowed to subscribe the bonds through private placement.
The bank will fulfil the requirement for Tire II Capital Base by raising capital through the bond issue.
Green Delta Insurance Company is the trustee of the bond.

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