IPO subscription of Premier Cement begins today (December 17)

Subscription to the initial public offering (IPO) of Premier Cement Mills Limited will kick off on Monday.

The IPO subscription will remain open until December 23 for resident Bangladeshis and January 1, 2013 for non-resident Bangladeshis.

Using fixed price method, the company will float 12 million ordinary shares of Tk 10 each at an offer price of Tk 22 including a premium of Tk 12 to raise Tk 264 million from public.

Earlier on November 13, the Securities and Exchange Commission (SEC) deferred the IPO subscription, scheduled for November 18.

As per the latest financial report, the earning per share of Premier Cement is Tk 4.05.

In the IPO prospectus, the company has reported Net Tangible Assets Value Per Share of Tk. 23.08 (considering revaluation reserve) and Tk. 18.88 (without revaluation reserve) as on June 30, 2011.

Premier Cement manufactures Portland cement and Portland composite cement under “PREMIER CEMENT” brand and marketing the same in local and abroad markets.

The IPO proceeds will be utilized for the implementation of the expansion plants.

Alliance Financial Services will act as the issue manager for the IPO.

Source: The Daily Sun, December 17, 2012