FE Report
Shasha Denims Ltd (SDL), one of the leading Denims producers in Bangladesh, got listing approval from the Dhaka Stock Exchange (DSE) Wednesday, officials said.
Trading date of the Shasha Denims will be announced soon, said a DSE official. "We will fix the trading date after transferring shares to respective beneficiary owners' (BO) accounts" he said.
The initial public offering (IPO) subscription of the denim producer took place in mid-December of last year.
The Denims producers floated 50 million ordinary shares at an offer price of Tk 35, including a premium of Tk 25 for each Tk 10 share and raised a fund worth Tk 1.75 billion from public.
IPO subscription of the company over subscribed by 5.50 times as the company received over Tk 9.63 billion against public issue of over Tk 1.75 billion.
Shasha Denims is the 39th listed firm under the textile sector on the DSE that accounts for around 3.50 per cent of the DSE's total market capitalisation.
IPO fund is begin used for expanding business, repay bank loans and bear the expenses of the IPO proceedings.
According to the audited financial reports for the year that ended on December 31, 2013, the company's earnings per share stand at Tk 3.73, while its net asset value is Tk 52.95.
AFC Capital and Imperial Capital acted as issue manager of the Shasha Denims's IPO.
The securities regulators -- Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of Shasha Denims on October 10, last year.
Shasha Denims Ltd (SDL) is one of the leading denims fabric producers in Bangladesh since 2000. SDL is located at Dhaka Export Processing Zone (DEPZ), according to the company's IPO prospectus.
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