IPO Of Mobil Jamuna 2010

For IPO result : www.ipodse.blogspot.com

For IPO result : www.ipodse.blogspot.com

The offering, if approved, is set to become the second largest IPO (initial public offerings) in Bangladesh after mobile telephony giant Grameenphone, which offloaded 69.40 million shares at a face value of Tk 10 each. However, the GP share carried a premium of Tk.60. The company, majority owned by local EC Securities, applied for the IPO plan last week to the Securities and Exchange Commission (SEC) seeking listings on the stock market. "The listing plan is intended to diversify our business," managing director of the joint ventire Azam J Chowdhury told the FE Sunday. Global energy group ExxonMobil and state-owned Jamuna Oil Company Ltd, and EC Securities Limited, an investment arm of East Coast Group, have stakes in the 12-year-old company, previously known as Mobil Jamuna Lubricants Ltd. In Bangladesh, the company has pioneered exporting lubricants and its shipment has been steadily growing since 2007. Last year, exports grew 58 per cent after peaking at 453 per cent in 2008. With a paid-up equity of Tk 1.40 billion, the MJBL officials said it has already lined up projects as part of diversifying its business. "The IPO proceeds will be invested in a refinery and other high-tech sectors," said Mr. Chowdhury whose business interests range from energy to banking. Out of the planned 40 million shares selling, 60 per cent has been allocated for the public, 20 per cent for institutional investors, and 10 per cent for overseas Bangladeshis and 10 per cent for mutual funds, according to the IPO proposal submitted the SEC. Analysts believe the IPO size could top Tk.5.0 billion taka given the indicative price per share of 127 taka. Prime Finance and Investment Limited was tapped to manage the issue. The final value of the company's indicative price will be determined by institutional investors in line with book building method. The oil marketing firm's first quarter net profit in the current year amonted to 123.88 million taka while its net asset value is 11.73 taka. Its profits dropped to 343.25 million taka last year, down from 402.88 million taka in 2008. In 2007, the company posted a profit of 259.34 million taka. MJBL began its journey as a foreign project in 1998 before being incorporated in the same year. In 2003, it started producing advanced lubricants products. EC Securities Limited holds the highest 74.98 per cent stakes in the joint venture, followed by Jamuna Oil. Out of 243 energy and power companies operating in Bangladesh, only 11 are listed with the Dhaka Stock Exchange.

IPO Of Mobil Jamuna 2010

By: Abu Bakar Siddique

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