FE Report
Zaheen Spinning Limited (ZSL), a Narayangonj based cotton yarn manufacturer has obtained listing approval from Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) recently, officials said.
Trading date of Zaheen Spinning under 'N' category will be fixed after transferring shares to respective beneficiary owners' (BO) accounts, said a DSE official.
Using the fixed price method, the yarn manufacturer floated 12 million ordinary shares of Tk 10 each and raised a fund worth Tk 120 million from public.
The IPO subscription of the company took place December 28, 2014 to January 5, 2015 for resident Bangladeshi and it was continued till January 13, 2015 for non-resident Bangladeshi (NRB).
IPO subscription of the company was oversubscribed around 74 times. The company received around Tk 8.87 billion against public offer of Tk 120 million.
The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Zaheen Spinning on October 29, last year.
The fund raised through the public offerings is being used for setting up a new plant, purchase machinery and to meet the expenses of IPO proceedings, according to the company's IPO prospectus.
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