The initial public offering (IPO) subscription of Bangladesh Steel
Re-Rolling Mills (BSRM) hit around 12 times higher against its public
issue, according to Chittagong Stock Exchange (CSE).
The Chittagong-based steel manufacturing conglomerate received over Tk 7.50 billion through IPO against public issue of Tk 612.50 million, which is over subscribed around 12 times.
Among the total subscription received, Tk 7.34 billion from resident Bangladeshis and Tk 164.50 million from non-resident Bangladeshis, according to primary data from CSE.
IPO subscription of the company was took placed February 1 to February 5, 2015 for resident Bangladeshi and it was continued till February 14, 2015 for non-resident Bangladeshi (NRB).
The steel manufacturer floated 17.5 million ordinary shares at an offer price of Tk 35, including a premium of Tk 25 for each ten taka share. A market lot is 200 shares.
The company reported earnings per share, as of December 2013, stood at Tk 5.06 and net asset value per share Tk 52.09.
The fund raised through the public offering will be used for BSRM's ongoing expansion and loan repayment, according to the company's IPO prospectus.
Alliance Financial Services is acting as issue manager of the initial public offering of BSRM.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Bangladesh Steel Re-Rolling Mills on December 9, 2014.
BSRM Steels, a unit of BSRM, is already listed on the stock market. On the premier bourse, each BSRM Steels share closed at Tk 81.1 each Sunday, losing 0.25 per cent over the previous session.
babulfexpress@gmail.com
The Chittagong-based steel manufacturing conglomerate received over Tk 7.50 billion through IPO against public issue of Tk 612.50 million, which is over subscribed around 12 times.
Among the total subscription received, Tk 7.34 billion from resident Bangladeshis and Tk 164.50 million from non-resident Bangladeshis, according to primary data from CSE.
IPO subscription of the company was took placed February 1 to February 5, 2015 for resident Bangladeshi and it was continued till February 14, 2015 for non-resident Bangladeshi (NRB).
The steel manufacturer floated 17.5 million ordinary shares at an offer price of Tk 35, including a premium of Tk 25 for each ten taka share. A market lot is 200 shares.
The company reported earnings per share, as of December 2013, stood at Tk 5.06 and net asset value per share Tk 52.09.
The fund raised through the public offering will be used for BSRM's ongoing expansion and loan repayment, according to the company's IPO prospectus.
Alliance Financial Services is acting as issue manager of the initial public offering of BSRM.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Bangladesh Steel Re-Rolling Mills on December 9, 2014.
BSRM Steels, a unit of BSRM, is already listed on the stock market. On the premier bourse, each BSRM Steels share closed at Tk 81.1 each Sunday, losing 0.25 per cent over the previous session.
babulfexpress@gmail.com
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