The Bangladesh Securities and Exchange Commission on Wednesday allowed Dominage Steel Building Systems Limited to explore the cut-off price of its shares under the book building method of initial public offering for raising Tk 30 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 the day.

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 buying machines, installing electrical equipment and building construction, 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 were Tk 19.81 (with revaluation) and Tk 1.47 respectively.

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