The Bangladesh Securities and Exchange Commission on Tuesday approved SS Steel Limited’s proposal to raise Tk 25 crore from the capital market through initial public offering.
The company will float 2.5 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.
SS Steel will use the IPO proceed to purchase machinery, construct building and meet IPO expenses.
As per the entity’s audited financial statement for the year ended on June 30, 2017, SS Steel’s net asset value per share and weighted average earnings per share were Tk 15.35 and Tk 0.82 respectively.
Citizen Securities and Investment Limited is the issue manager of the company’s IPO.
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