IPO of Keya Cotton

IPO of Keya Cotton

IPO of Keya Cotton

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Keya Cotton Mills Limited, a sister concern of Khaleque Group, recently submitted an application of initial public offering (IPO) to the Securities and Exchange Commission (SEC) seeking approval to raise Tk 750 million (including premium of Tk 250 million) from the stock market.

The money to be raised from the market, if allowed by floating five million shares will be used for repayment of lease liabilities, company sources said.

The proposed face value of the company is Tk 10 each with a premium Tk 5.

The pre-IPO paid up capital of the company is Tk 247 million while as of June, 2008 Earning Per Share (EPS) and Net Asset Value (NAV) stood at Tk 2.98 and Tk 20 respectively.

Keya Cosmetics Limited, a listed company has a stake of 16 per cent share of the Keya Cotton.

Prime Finance and Investment Ltd, a non-banking financial institution and merchant bank, signed an agreement with Keya Cotton Mills Limited to manage their proposed Initial Public offering (IPO) in the city recently.

Prime Finance Managing Director Nozmul Haque and Keya Cotton Mills Managing Director Abdul Khaleque Pathan signed the issue management agreement for IPO on behalf of their respective organisations.

Comeing soon !!

Under the deal, Prime Finance will raise a total amount of Tk 250 million for Keya Cotton Mills through public issue of shares.

Prime Finance DMD Md Akter H Sannamat, SVP Moin Al Kashem and VP Md Rezaul Haque and Keya Cotton Mills Executive Director and Company Secretary Syed Noorul Alam were also present on the occasion.

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