Green light for BSCCL IPO, NCC Bank mutual fund

The Securities and Exchange Commission (SEC) yesterday approved the initial public offering (IPO) prospectus of Bangladesh Submarine Cable Company Ltd (BSCCL) to go public to raise a fund of Tk 1.08 billion. The decision came at a meeting of SEC with its chairman M Khairul Hossain in the chair. The company will float 31 million ordinary shares of Tk 10 each at an offer price of Tk 35 including a premium of Tk 25. Of the total shares, one million shares will be kept for the officials of the company as reserve. The IPO proceeds will be utilised to pay loans taken from Islamic Development Bank (IDB), to bear IPO expense and rest for working capital. ICB capital management will act as the issue manager of the IPO. The SEC meeting also approved the prospectus of ‘NCC Bank Mutual Fund One’ to offload units worth Tk 500 million. The size of the fund is Tk 1 billion, of which Tk 500 million will be raised through IPO and rest will be collected through sponsor directors. Face value of each unit is Tk 10 while the market lot will be of 500 units. LR Global is the issue manager for the fund. Source: Daily Sun, 19 January 2012

Posted in: Forth Coming IPO