 | RAK Ceramics to float shares within next three weeks
31 January, 2010
RAK Ceramics, a Bangladesh-UAE joint venture, has started process under book-building method to hit the country's stock market.
It is the first company, which will make debut on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), using such modern pricing mechanism for initial public offering (IPO) introduced in March of last year.
As part of the process, the tiles and sanitary-ware maker held an IPO road show to woo the eligible institutional investors in a city hotel Saturday. RAK received primary approval for floating shares from the securities regulator in December.
Within next three weeks, it will begin to sell shares among the institutional investors after receiving SEC consent's on bidding. Institutional bidding will be executed by DSE and CSE.
Subscription for general investors will open 25 days from the closure of the institutional bidding.
Chairman of RAK Ceramics (Bangladesh) Khater Massaad described the company's prospects and future plan to impress the institutional investors.
"We feel very proud to come in Bangladesh," said Massaad. A large number of people and growing per capita income have been creating demands for products, which mainly attracted us to invest in the growing market of Bangladesh, he said.
He said, "Meeting the local demands, the company has already begun to export products to India, Sri Lanka and Nepal and plans to enter in European market".
IDLC Finance is the lead issue manager of the RAK Ceramic IPO, while BRAC-EPL Investments Ltd is the joint issue manager.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=91047
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