The Financial Express

Queen South Textile’s IPO subscription to begin Jan 7

| Updated: December 13, 2017 15:11:13

Lankabangla and Fianancial Express Lankabangla and Fianancial Express
QSTML IPO subscription to begin Jan 7

The initial public offering (IPO) subscription of Queen South Textile Mills Limited (QSTML) will begin on January 7 which will raise a fund worth Tk 150 million from public.

The IPO subscription of the textile company will be opened till January 15 for resident and non-resident Bangladeshis.

The securities regulator - Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Queen South Textile on November 14 to raise a capital worth Tk 150 million under fixed price method.

The company will float 15 million ordinary shares of Tk 10 each for raising the said amount.

A market lot is 500 shares and an investor needs Tk 5,000 to apply for per lot of the company’s IPO.

The textile company will use the IPO fund for constructing automated warehouse, buying machineries, modernising the factory and repayment of bank loans and bearing the IPO expenses.

As per the entity’s audited financial statement for the year ended on December 31, 2016, the company’s net asset value per share and weighted average earnings per share were Tk 16.20 and Tk 1.42 respectively.

Alpha Capital Management is the issue manager of the company’s IPO.

Established in 2003, Queen South Textile Mills located at Dhaka Export Processing Zone.

The company provides colour yarns to the sweater industry, knitting industry and the weaving industry where they all consume a lot of colour yarns.

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