• Friday, Sep 17, 2021
  • Last Update : 12:33 pm

Ring Shine Textiles to debut on bourses on Thursday

  • Published at 10:20 pm December 10th, 2019
Ring Shine Textiles

An investor had to pay Tk5,000 to apply for each lot of the company's shares, priced Tk10 each

Ring Shine Textiles Ltd (RSTL) would make its debut  trading tomorrow (Thursday) on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under 'N' category, officials said.

The company raised Tk150 crore by offloading 150 million ordinary shares under the initial public offering (IPO), following the fixed price method.

The IPO subscription for shares of the company by the eligible investors through electronic subscription system was held between August 25 and September 09 this year.

An investor had to pay Tk5,000 to apply for each lot of the company's shares, priced Tk10 each.

The Bangladesh Securities and Exchange Commission (BSEC) approved Ring Shine Textiles' IPO on March 12.

As per the BSEC approval, the IPO fund will be used for procurement and installation of machinery for the existing manufacturing unit and partial repayment of the company’s bank loans as well as for meeting the expenses of the IPO within a period of 18 months after receiving the fund.

According to the financial statement as on June 30, 2018, the company's net asset value (NAV) per share stands at Tk23.17, while the company’s earnings per share (weighted average) stand at Tk1.46.

Ring Shine declared 15% stock dividend on November 21 of this year for the year ended on June 30, 2019. 

The dividend was declared for the first time in six years, as per available information on the company’s IPO prospectus. The company has set December 11 as ‘record date’.

The company has also reported earnings per share to the tune of Tk1.72 for the year ended on June 30, 2019.

Authorized capital of the company stands at Tk440 crore, while its paid-up capital stands at Tk285 crore.

The major activities of the RSTL is manufacturing and marketing of gray and finished fleece fabrics of various qualities.

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