FE Report
The initial public offering (IPO) subscription of Olympic Accessories Limited will begin Sunday (April 19) to raise funds worth Tk 200 million from people, officials said.
IPO subscription of the company will remain open till April 23 for resident Bangladeshis, and it will continue till May 2 for non-resident Bangladeshis (NRBs).
In addition to the existing IPO application process, Bangladeshi nationals can also apply through their stockbrokers/ merchant bankers. However, NRBs and foreign investors have to apply through the existing process.
Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal on February 25 to raise Tk 200 million from people.
As per the regulatory approval, the company is floating 20 million ordinary shares of Tk 10 each to raise the said amount.
The company will use the funds raised through the IPO for construction of a new factory building, purchasing machinery, and meeting up IPO expenses.
The company's earnings per share (EPS) as of June 2014 stood at Tk 1.43 with net asset value (NAV) of Tk 16.34 per share.
PLFS Investments and CAPM Advisory are the IPO's issue managers.
Olympic Accessories Ltd was incorporated in Bangladesh as a private limited company in 2003, and transformed into a public limited company in 2014.
The company is engaged in manufacturing, processing, printing, cutting, sealing and assembling all kinds of carton, poly bag, hanger, elastic, draw cord, back board, neck board, ribbon, gum tape, label, twill tape, interlining, bar code and hangtag, according to its website.
babulfexpress@gmail.com
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