Mir Akhter Hossain Limited, a construction sector company, will hold a road show for eligible institutional investors on October 17 as the company plans to go public under book building method.
The company is set to raise Tk 1.25 billion from the capital market through initial public offering (IPO) using the book building method.
A road show is a requirement under the book building regulations before price discovery. Book building is a process through which an issuer attempts to determine the price to offer for its security based on demand from institutional investors.
The company will utilise the IPO fund for purchasing heavyweight equipment, construction of head office building, set-up two more plants, warehouse and workshop, repaying the bank loans, and meeting IPO expenses, said an official of the company.
The road show will be held at the Pan Pacific Hotel Sonargoan, where eligible institutional investors will get detailed information about the company.
Eligible institutional investors like merchant bankers, asset management companies, stock dealers, banks, mutual funds and collective investment scheme, financial institutions, insurance companies, alternative investment fund managers and other institutions as per approved by the commission will participate in the event.
Eligible investors will be allowed to purchase 50 per cent shares of the company at cut-off price, while mutual funds will purchase 10 per cent shares at the same price.
General public and non-resident Bangladeshis (NRBs) will get 30 per cent and 10 per cent shares respectively at 10 per cent discount from the cut-off price, according to the revised public issue rules.
IDLC Investment Ltd has been appointed as manager to the issue of the company and Citizen Securities and Investment has been appointed as registrar to the issue of the company.
The company owns adequate number of plants, equipment & machinery required for execution of multi storied buildings as well as roads, bridges & flyovers and other infrastructures of any nature, complexity & magnitude.
Mir Akhter Hossain Ltd started its journey in the field of construction industry almost from scratch in the year 1968, waded through high waters and eventually occupied a coveted position in the forefront of construction of Bangladesh through dedicated and concerted efforts of its technical personnel and professionals with overwhelming cooperation and goodwill from all our business friends at home and abroad, according to its website.
SS Steel: The public subscription of S.S. Steel Ltd will be opened on October 28. The company will raise a capital worth Tk 250 million under the fixed price method.
The initial public offering (IPO) subscription of the company will be continued till November 07, officials said.
The Bangladesh Securities and Exchange Commission (BSEC) approved the company's IPO proposal on July 17 to raise the said under fixed price method.
The will be utilised to purchase machineries, construct building and bearing the IPO expenses.
As per the financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) per share is Tk 12, without revaluation, and Tk 15.35, with revaluation.
The company reported its earnings per share (EPS) of Tk 1.20 and weighted average of EPS of Tk 0.82.
The Citizen Securities and Investment is working as issue manager of S.S. Steel.
The SS Steel began commercial operations on December 22, 2001. The company is located in the Tongi Industrial Area in Gazipur, and its principal activities include the manufacturing of 500W MS-Deformed Rods, MS-Ingots, and steel for the reinforcement of concrete.
