The Financial Express

Subscription of ML Dyeing to open July 8

| Updated: June 28, 2018 10:26:24

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Subscription of ML Dyeing to open July 8

IPO subscription of ML Dyeing Ltd will begin on July 8 which will raise a fund worth Tk 200 million from the capital market.

The company's initial public offering (IPO) subscription will be continued till July 19.

The securities regulator - Bangladesh Securities and Exchange Commission (BSEC), approved the company's IPO proposal on May 14.

Using the fixed price method, ML Dyeing will float 20 million ordinary shares at an offer price of Tk10 each.

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

The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 60.28 or GBP 45.24 or EUR 51.50, according to Dhaka Stock Exchange (DSE).

According to the financial statement that ended on June 30, 2017, the net asset value (NAV) per share of the company stood at Tk 23.17 and earnings per share (EPS) was Tk 1.58.

The fund raised through the IPO will be used for purchasing machinery and to bear the expenses of the IPO process.

NBL Capital and Equity Management Limited, and Ruplali Investment are jointly working as issue manager for the company's IPO.

ML Dyeing will be the 51st listed company in the textile sector after completing all formalities.

ML Dyeing is located at Bhaluka in Mymensing and produces Hanks Dyeing, Acrylic Yarn, Cotton Yarn, Cone Dyeing and Piece Dyeing for the export-oriented garment industry.

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