The IPO (Initial public offering) of FAR Chemical Industries Ltd, a textile chemical manufacturer and a concern of FAR Group, has been oversubscribed by more than 73 times on offer.
Investors ordered shares worth over Tk878 crore against the offer of Tk12 crore, according to the Chittagong Stock Exchange.
The company issued 1.2 crore ordinary shares of Tk10 each. The IPO proceeds will be used to purchase capital machinery for increasing production capacity and meet the expenses of IPO process.
Located at Comilla EPZ, the company produces all types of textile chemicals needed the Group’s 100% export-oriented textile units. The earnings per share of the company was Tk5.01 and the net asset value per share of Tk15.55 at the end of June 2013, according to its audited financial statement.