The Initial Public Offering (IPO) prospectus of ML Dyeing Limited was approved on Monday as the textile processing company aims to raise Tk20 crore from the public.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO at a meeting presided over by BSEC Chairman M Khairul Hossain in Dhaka.
Using the fixed price method, ML Dyeing Limited will offload 20 million ordinary shares at an offer price of Tk10 each.
According to the financial statement that ended on June 30, 2017, the Net Asset Value (NAV) per share of the company stood at Tk23.17, while Earnings Per Share (EPS) was Tk1.58.
The fund raised through the IPO will be used to purchase machinery and to bear the expenses of the IPO process.
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.
Two companies - NBL Capital and Equity Management Limited, and Ruplali Investment - will act as issue managers for the IPO process.