• Friday, Sep 25, 2020
  • Last Update : 08:13 pm

Associated Oxygen’s IPO subscription begins Sep10

  • Published at 05:34 pm August 10th, 2020
BSEC approves Associated Oxygen’s IPO
A view inside Associated Oxygen Limited's factory Collected

The IPO subscription will remain open for both resident and non-resident Bangladeshis until September 16

The subscription of Associated Oxygen Limited's initial public offering (IPO) begins on September 10, aiming to raise Tk15 crore from the capital market under fixed price method.

Associated Oxygen Limited is a leading producer and supplier of Industrial gases both in liquid and gaseous forms, with a well-established business relationship with its clients over the last three decades.

The IPO subscription will remain open for both resident and non-resident Bangladeshis until September 16.

Earlier on July 16, the Bangladesh Securities and Exchange Commission (BSEC) approved the prospectus for the IPO.

As per the BSEC approval —under the fixed price method— Associated Oxygen Limited will offload 15 million ordinary shares for Tk10 each.

Net proceeds from the IPO will mainly be used for procurement and installation of machinery for the company's existing factory unit and partial repayment of bank loans.

BD Finance Capital Holdings Limited will act as the issue manager of the IPO process.

According to the financial statement ended on June 30, 2019, the company's net asset value (NAV) per share stood at Tk17.37, while the weighted average of earnings per share (EPS) was Tk1.51.

Associated Oxygen currently has a capacity of producing Oxygen/Nitrogen gases 2500 cubic meter per hour and Dissolved Acetylene gas 2,00,000 cubic meter per annum. It has also manufacturing facilities in Pondicherry and Tamil Nadu in India.

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