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The Financial Express

Aman Cotton’s IPO subscription begins Sunday

| Updated: June 06, 2018 16:05:56


Aman Cotton’s IPO subscription begins today

The public subscription of Aman Cotton Fibrous has started today (Sunday) which will raise a capital worth Tk 800 million through book-building method.

The initial public offering (IPO) subscription of the company will remained open till June 30.

The company earlier received the approval of Bangladesh Securities and Exchange Commission (BSEC) to float 20.83 million ordinary shares for raising its capital.

Of the total shares, 12.50 million will be issued to eligible investors at the cut-off price of Tk 40 each, which was set by the eligible investors through an electronic bidding in November last year.

The remaining 8.33 million shares will be sold to general shareholders, including non-resident Bangladeshis, at 10 per cent discount on the cut-off price of Tk 40, meaning the general investors will get shares at Tk 36 each.

The IPO fund will be used to buy machinery, repay bank loans, and meet the IPO expenses.

The net asset value per share of the company was Tk 35.63 as on June 2016 and the weighted average earnings per share (EPS) was Tk 3.49, according to the IPO prospectus.

ICB Capital Management is the issue manager of the IPO.

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