The Bangladesh Securities and Exchange Commission on Wednesday approved Coppertech Industries Limited’s proposal to raise Tk 20 crore from the capital market through issuing initial public offering.
The engineering company will float two 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.
Coppertech will use the IPO fund for purchasing capital machinery and equipment, installing plant, paying bank loans and meeting up IPO expenses.
As per the entity’s audited financial statements for the year ended on June 30, 2018, the company’s net asset value per share and weighted average earnings per share were Tk 12.06 and Tk 0.87 respectively.
MTB Capital Limited is the issue manager of the company’s IPO.
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