 | SEC approves three IPOs
26 November, 2010
Securities and Exchange Commission (SEC) has approved three IPOs, which includes that of Mobil Jamuna Limited (MJL) and is considered the largest ever floatation, in a move to increase the depth of the stock market.
Three companies together will raise more than Tk 10 billion through initial public offerings (IPOs). Two other companies are MI Cement and Salvo Chemicals.
The approvals came at a meeting held Thursday at the SEC with its Chairman Ziaul Haque Khondker in the chair.
"The approval of the three IPOs, including the country's largest IPO is the part of our persistent effort to increase the share supply in the market," said SEC Executive Director ATM Tariquzzaman after the meeting.
MJL, a public-private energy venture, will offload 40 million ordinary shares at a face value of Tk 10 to raise Tk 6.09 billion from the stock market through book building method.
It will be the largest IPO in the history of the Bangladesh stock market after Grameenphone which mobilized Tk4.20 billion by floating IPO last year.
The indicative price of MJL, which has Tk 1.40 billion in paid-up capital, has been fixed at Tk 152.40 per share.
Release link:http://www.thefinancialexpress-bd.com/more.php?news_id=118402&date=2010-11-26
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