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Matin Spinning Mills Ltd IPO Approved!

Matin Spinning Mills Ltd IPO Approved!

Matin Spinning Mills Ltd IPO Approved:- The securities regulator Authority, Bangladesh Securities and Exchange Commission (BSEC) approved the initial public offering (IPO) proposal of the Matin Spinning Mills Ltd on Tuesday to raise Tk 126 crore through public offering.

The approval came at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the regulatory approval, Matin Spinning Mills Ltd will float 3.41 crore ordinary shares of Tk 10 each at an offer price of Tk 37 each with a  premium of Tk 27.

The company has said in its prospectus, The proceeds will be used to expand the existing project of the mills.

According to the company’s financial statement for the year ended on June 30, 2013, the company’s earning per share (EPS) and net asset value (NAV) are at Tk 3.43 and Tk 35.73 respectively.

IDLC Investments Limited is the issue manager of Matin Spinning Mills Ltd IPO.

Matin Spinning Mills Ltd is one of the leading yarn manufacturers in Bangladesh.

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