The Securities and Exchange Commission (SEC) took a number of decisions Wednesday that include approval to prospectuses of initial public offerings (IPOs) of five companies to boost the share market.
The stock market watch dog has given nod to IPO prospectuses of Golden Harvest Agro Industries and Bengal Windsor Thermoplastic to raise Tk 1.15 billion from public.
It also has given green signal to revised prospectuses of Summit Purbanchol Power Company Envoy Textile Mills and Argon Denims as the companies submitted fresh proposals with necessary corrections in the share prices directed earlier by the SEC. Meanwhile, the regulator approved the proposal of Envoy Textile Mills to start subscription of IPOs.
The approvals came from a commission meeting held Wednesday presided over by its Chairman M Khairul Hossain.
As per the proposal, Golden Harvest Agro Industries will offer 30 million ordinary shares at an offer price of Tk 25 including a premium of Tk 15 each to raise Tk 750 million using fixed price method.
The earning per share (EPS) of the company, as per the proposal, is Tk 4.72 while net asset value (NAV) per share is Tk 25.53. Banco Finance and Investment Limited and Royal Green Capital Market will act as the issue manager for the IPO process. Bengal Windsor Thermoplastic will offload 16 million ordinary shares at an offer price of Tk 25 including a premium of Tk 15 each to collect Tk 400 million. The EPS of the company is Tk 3.62 and NAV per share is Tk 19.45, according to the financial statement as on June 30, 2012. ICB Capital Management is its issue manager.
The commission also approved the revised IPO prospectuses of Summit Purbanchol Power Company Envoy Textile Mills and Argon Denims. The proposals were earlier suspended by the regulator considering the market situation. Summit Purbanchol Power Company will now offload shares at an offer price of Tk 40 including a premium of Tk 30 each. Earlier, the price of each share was set at Tk 45 with a premium of Tk 35.
Meanwhile, offer price of Argon Denims was reduced by Tk 9 to Tk 25 from Tk 44 including a premium of Tk 34. Subscription of IPO of Summit Purbanchol Power Company and Argon Denims will start from November 11 and November 18 respectively and that of Envoy Textile from October 16.
The commission also approved Bank Asia’s proposal of floating Subordinated Non-Convertible Zero Copupon Bond of Tk 1.1 billion. It gave green light to the proposal of Renata Limited to raise capital Tk 1 billion through issuance of Unsecured Non-Convertible Zero Coupon Bond.
Source: Daily Sun, October 11, 2012