New IPO Wimex Electrode (IPO) share of the money collected will be 22 Core. This company IPO subscription will be started from September 04,2017 and will be closed on September 12,2017.
The securities' regulator has approved the IPO (initial public offering) proposal of Oimex Electrode, a manufacturer of electrodes, nails and galvanized wires and the prospectus of a unit fund.
The Bangladesh Securities and Exchange Commission (BSEC) has also imposed a penalty worth Tk 3.0 million on Wifang Securities as the company breached securities rules by providing margin loans to its director, managing director, employees and relatives.
The decisions were taken Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the regulatory approval, Oimex Electrode will raise a capital worth Tk 150 million by offloading 15 million shares of Tk 10 each under the fixed price method.
The company will utilise the fund to purchase capital machineries, equipment and raw materials along with bearing the IPO expense.
As per the financial statement for the year ended on June 30, 2016, the company's net asset value (without revaluation) is Tk 14.87, while the five years' weighted average of EPS (earnings per share) is Tk 2.03.
The Oimex Electrode is the one of the leading suppliers of quality steel products like electrodes, nails and galvanised wires in major markets including engineering workshop, construction and shipbuilding.
MTB Capital is working as the issue manager of the Oimex Electrode.
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