Bashundhara Paper Mills Ltd will begin trading under stock code BPML on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) tomorrow.
The company has raised some Tk200 crore in capital under the book-building method, with Tk125 crore issued to institutional investors and Tk75 to general investors at a 10% discount on the cut-off price.
This is the country’s third largest initial public offering by book value.
In August 2017, Bashundhara Paper Mills Ltd received approval from the Bangladesh Securities and Exchange Commission to begin the process to determine the IPO cut-off price.
The company is a concern of leading business conglomerate Bashundhara Group. AAA Finance and Investment is BPML’s IPO issue manager.
The lottery to allot ordinary BPML shares for its IPO was held at the International Convention City Bashundhara (ICCB) on May 30.
The DSE later approved the listing of BPML to facilitate the trading of its shares. The company’s IPO shares were credited into the respective beneficiary owners’ accounts on June 24.
Funds raised from the IPO will be spent on buying new machinery, repaying loans, bearing IPO expenses and defraying other company costs.
BPML’s businesses include the manufacturing of a wide range of paper and paper products. It has three production units in Narayanganj and Munshiganj.