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Two IPOs get go-ahead

BSRM Steels to raise Tk20cr, Bay Leasing Tk25.5cr

Star Business Ri port
The stock market regulator yesterday approved IPO plans of two companies for raisingTk 45.50 crore from the capital market, and the entry of the sixth asset management company for managing funds.
The Securities and Exchange Commission also decided that from now every issuer company will have to complete the IPO process in five weeks instead of the existing six.
The new decision will be effective from the upcoming initial public offerings of BSRM and Bay Leasing that received nod from the SEC yesterday.
The regulator further decided to post results of IPO lotteries on the websites of Dhaka and Chittagong stock exchanges. Presently, the results are posted only on the issuer companies' websites.
The approvals and decisions came from a board meeting of the SEC, said Farhad Ahmed Khan, executive director of SEC.
He said BSRM Steels Ltd, manufacturer of 500-grade steel rod. will raise Tk 20 crore from the stock market through floating 20 lakh primary shares ofTk 100 each.
Bay Leasing and Investments, a non-banking financial institution, will raise Tk 25.50 crore through issuing 10.20 lakh ordinary shares ofTk 250 each including a premium ofTk 150 each.
As the BSRM's financial year has not ended, calculation of the company's earning per share (EPS) is yet to be done. However, the company's auditors have confirmed that die net asset value (NAV) of BSRM isTk 100 and its paid-up capital isTk 125 crore, Ahmed said.
The money raised through the IPO will be used for BSRM Steel's business expansion, he said.
Bay Leasing's paid-up capital isTk 10.20 crore and the EPS and NAV are Tk 77.30 and Tk 370.30 respectively. The company is going public to fulfil
regulatory requirement, Ahmed said.
The SEC issued an asset management licence to Race Asset Management Private Co Ltd, a joint-venture between non-resident and resident Bangladeshis, for managing funds including mutual fund. Paid-up capital of the entity is Tk 2.5 crore, he said.
Meanwhile, Dhaka stocks closed almost flat for a third day with prices of majority shares going down.
The benchmark index of the Dhaka Stock Exchange, DSE General Index, slightly rose by 5.1 points, or 0.18 percent, to 2854.87 points, while the DSE All Share Price Index marginally gained 3.6 points, or 0.14 percent, to 2409.86 points.
Most of the securities traded down on the premier bourse. Of the 227 issues traded, 88 advanced, 126 declined and 13 remained unchanged.
The turnover, however, increased to Tk 364.39 crore from previous day's Tk 314.10
crore. A total of 2,91,38,006 shares were traded on the DSE.
Total market capitalisation also rose to Tk 99,524.27 crore from the previous day's Tk 99,407.11 crore.
Titas Gas topped the turnover list trading 9,32,050 shares worth I k 48.44crore.
The day's other turnover leaders were Beximco Pharma, Bexirnco, Grameen 1 Scheme 2, ICB 2nd NRB Mutual Fund. ACI, AIMS 1st Mutual Fund, Keya Cosmetics, Lanka Bangla Finance and Grameen One Mutual Fund.
Chittagong stocks finished slightly up. The CSE Selective Categories Index rose 13.54 points, or 0.23 percent, to 5698.63 points. The CSE All Share Price Index increased 18.91 points, or 0.21 percent, to 8722.17 points.
A total of 62,86,897 shares worth Tk 57.16 crore changed hands on the port city bourse. Of the 133 traded issues, 60 gained, 70 declined and three remained unchanged.