The Bangladesh Securities and Exchange Commission on Thursday approved Associated Oxygen Limited’s proposal to raise Tk 15 crore from the capital market through an initial public offering.

A BSEC meeting, presided over by its chairman Shibli Rubayat Ul Islam, approved the IPO proposal, said a BSEC press release.

The company will float 1.5 crore shares at an issue price of Tk 10 each to raise Tk 15 crore, it said.

The company will use the IPO fund for buying machinery, paying bank loans and meeting IPO expenses.

As per the entity’s audited financial statement for the year ended on June 30, 2019, the company’s net asset value per share and weighted average earnings per share were Tk 17.37 and Tk 1.51 respectively.

BD Finance Capital Holdings Limited is the issue manager of the company’s IPO.Report Newage