IPO of MJL Bangladesh Limited, MI Cement Factory Ltd, Salvo Chemical
IPO of MJL Bangladesh Limited, MI Cement Factory Ltd
, Salvo Chemical
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MJL Bangladesh LimitedProspect
M.I. Cement Factory Ltd Prospect
Thestockmarket regulator yesterday gave the green light to the issue ofTk 1,025crore worth of shares by three unlisted companies and one listed one, setting a record for new securities values arriving in a single day.
A Securities and Exchange Commission (SEC) meeting approved the moves, which include the largest-ever initial public offering (IPO) by state-run MobilJamuna Lubricants (MJL) Bangladesh Ltd's public offering ofTk 609crore.
Before this, the largest was theTk 486crore IPO of mobile phone operatorGrameenphone last year, an SEC spokesman said.
The two unlisted companies that received permission to float shares are MI Cement, which will make a public offering ofTk 334crore, and Salvo Chemicals IndustryTk 26crore.
The SEC also gave the nod to Eastern Insurance, a listed company, to raiseTk 56crore by offering one rights share for each existing share.
"We are happy that we gave the nod to a record number of new securities issuance with the value of more thanTk 1,000crore," saidFarhad Ahmed, the executive director of the SEC.
"The new securities will help in mitigating the mismatch between supply and demand in thestockmarket," he added.
Mibil Jamuna IPO
The fuel company will float fourcrore ordinary shares worthTk 10 each in face value using the book-building method.
The cut-off price, orIPO price, of eachMJL share has been fixed at
Tk 152.40 through bidding by institutional investors. It means an individual will have to apply withTk 15,240 for a market lot of 100MJLshares.
With theIPO proceeds,MJL will set up a liquefied petroleum unit, a crude oil refinery and buy land for its corporate office.
The existing paid-up capital of the state company isTk 140crore, and postIPO paid-up capital will beTk 180crore.
Its annualised earnings per share (EPS) isTk 3.53, and net asset value (NAV) per share isTk 11.73.
Prime Finance and Investment Ltd is the issue manager of theIPO.
EC Securities Ltd, an investment firm of East Coast Group, owns 75 percent of the company, while state-runJamuna Oil Co 25 percent.
MJL controls nearly 26 percent share in domestic oil market and has pioneered exports and shipment of lubricants. It has grown steadily since 2007. Last year its exports went up 58 percent after peaking at 453 percent in 2008.
Incorporated as a private limited company in 1998, it began commercial journey in 1999. It started producing advanced lubricants products in 2003.
Of some 240 energy and power companies operating in Bangladesh, only 11 are listed on thebourses.BOC Bangladesh,Padma Oil, Eastern Lubricant,BD Welding, Summit Power,Desco, Power Grid,Jamuna Oil,Meghna Petroleum,Titas Gas and Khulna Power are among them.
MI CementIPO
MI Cement Factory Ltd that makes Crown brand cement will raiseTk 334crore floating threecrore ordinary shares ofTk 10 each using the book-building method.
The cut-off price for each share has been fixed atTk 111.60, meaning an individual will have to apply withTk 11,160 for a market lot of 100 shares.
With the funds raised, the cement maker will expand its business.
TheEPS of MI Cement as of 2009 wasTk 16 andNAV per stock wasTk15.78.
MI Cement will be the sixth cement maker in thestockmarket.
Salvo ChemicalsIPO
The sulphuric acid manufacturer will raiseTk 26crore floating 2.6croreprimary shares ofTk 10 each under the fixed-priceIPO method.
TheEPS of Salvo Chemicals is
Tk 0.91, existing paid up capital isTk 14crore, andNAV per share is
Tk 18.89.
The company will use theIPO proceeds to finance its expansion and repay loans.
There are now ninepharma-ceuticals and chemicals companies listed on thebourses.
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