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The stockmarket regulator yesterday approved the IPO prospectus of a sweater manufacturer, which will raise Tk 50 crore from public.
The approval to the initial public offering (IPO) of Zahintex Industries Ltd, a concern of Givensee Group of Industries Ltd, came at a meeting of the Securities and Exchange Commission with its Chairman Prof M Khairul Hossain in the chair.
After the meeting, SEC spokesman Saifur Rahman said Zahintex will float two crore ordinary shares of Tk 10 at an offer price of Tk 25 each, including Tk 15 as premium.
The company, however, sought Tk 20 as premium.
The IPO proceedings will be used in repaying loans and meeting working capital of the company, Rahman said, adding that Tk 40 crore will be used for loan repayment, while the rest in meeting working capital.
Zahintex is a 100 percent export oriented sweater manufacturing company that exports non branded products basically to European Union and Turkey.
AAA Consultants and Financial Advisers is the issue manager of the Zahintex IPO.
The latest weighted average earnings per share of the company is Tk 1.30, and net asset value per share is Tk 46.01.
Presently, 24 companies under the textile sector are listed on the stockmarket. The textile sector accounts for around 3.5 percent of the total market capitalisation of the Dhaka Stock Exchange.
Meanwhile, Rahman, also an executive director of the SEC, once again urged the investors not to panic in any situation.
“The commission is always trying to protect the interest of retail investors, and no one will be allowed to take opportunity from the market,” he added.
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