The initial public offering (IPO) subscription of Associated Oxygen Ltd will begin on September 10, aiming to raise Tk 150 million from the capital market.
The IPO subscription for shares of the company by the eligible investors through electronic subscription system under the fixed price method will be continued until September 16, according to the company's IPO prospectus.
Each Eligible Investor (EI) who intends to submit application shall maintain a minimum investment of Tk 10 million only at market price in listed securities as on September 2 (day-end) as per the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015.
The Central Depository Bangladesh Ltd (CDBL) will send a report to the exchange regarding the holding of EIs in the listed securities and the exchange shall ensure the compliance in this regard.
A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company's IPO shares.
Foreign currency required for non-resident Bangladeshi (NRB) and foreign applicants, (per lot) of US$ 59.39 or GBP 45.55 or EUR 50.61.
The stock market regulator approved the company's proposal to raise the fund from the capital market through initial public offering on July 16.
As per the BSEC approval, the company will issue 15 million ordinary shares with an offer price of Tk 10 each under the fixed price method.
The IPO proceeds will be used for construction of store shed and new plant shed, acquisition of new plant and machinery, repay bank loans and IPO expenses, as per the prospectus.
According to the audited financial report for the year ended on June 30, 2019, the weighted average earnings per share (EPS) of the company in the last five years stood at Tk 1.51. And, its net asset value (NAV) per share was Tk 17.37 without revaluation.
BD Finance Capital Holdings Ltd is working as the issue manager of the company for its IPO process.
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