BSEC approves Simtex Industries IPO

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Simtex Industries IPO


FE Report

The securities regulator Tuesday approved the initial public offering (IPO) proposal of Simtex Industries Limited to raise a fund worth Tk 600 million from the public.

The approval came at a meeting of the Bangladesh Securities and Exchange Commission (BSEC) chaired by its Chairman Prof. M Khairul Hossain held at the BSEC office.

As per the securities regulator's approval, Simtex Industries will offload 30 million ordinary shares at an offer price of Tk 20, including a premium of Tk 10 for each ten taka share.

The company will use the funds from the initial public offering for capital investments, repayment of bank loans, business expansion and bear the cost of IPO proceedings, according to the BSEC statement.

As per the audited financial statement for the year ended on June 30, 2014, the company's earning per share (EPS) is Tk 3.33 and net asset value (NAV) Tk 19.60.

AFC Capital Ltd and Imperial Capital Ltd have been appointed as issue managers of Simtex Industries' IPO.

After completing all procedures, Simtex Industries Ltd will be the 41st listed firm in the textile sector that accounts for more than 4.0 per cent of DSE's total market capitalisation.

Simtex Industries Ltd is one of the biggest providers of sewing thread and yarn dyeing in Bangladesh. The company started its commercial operation from the Savar plant in 2009, according to company's website.

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