BSEC allows Lub-rref to explore IPO cut-off price

Sunbd Desk || Published: 2020-08-21 05:50:49 || Updated: 2020-08-21 05:56:35

The Bangladesh Securities and Exchange Commission on Thursday allowed Lub-rref (Bangladesh) Limited to explore the cut-off price of its shares under the book building method of initial public offering for raising Tk 150 crore from the country’s capital market.

The commission gave the approval in a meeting presided over by its chairman Shibli Rubayat Ul Islam on Thursday.

The selling price of the company’s shares would be set through the electronic bidding process with participation of eligible investors.

According to the IPO documents, the company will use the IPO proceeds in business expansion, paying bank loans and meeting the IPO expenses.

As per the entity’s audited financial statements for the year ended on June 30, 2019, the company’s net asset value per share and five years’ weighted average earnings per share of five financial years were Tk 31.93 (with revaluation) and Tk 2.23 respectively.

NRB Equity Management Limited is the issue manager of the company’s IPO.

The commission in the meeting also decided to speed up activities related to the companies’ capital raising through IPOs, debt securities and equity securities.

In this connection, the commission approved an action plan to accelerate the activities of its capital issue department.

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