Associated Oxygen gets BSEC nod to raise Tk15cr through IPO
The company will spend the fund to build a warehouse, shed, buy new machineries, repay bank loans and to meet up IPO costs and others
Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of Associated Oxygen Limited for an Initial Public Offering (IPO) to raise Tk15 crore by issuing 1.5 crore shares.
BSEC has informed the matter in a statement on Thursday after approving the proposal at a meeting.
Each share of the company will have a face value of Tk10.
The company will spend the fund to build a warehouse, shed, buy new machineries, repay bank loans and to meet up IPO costs and others.
According to the audited financial report for the year ended on June 30, 2019, the weighted average earnings per share (EPS) of the company in the last five years stood at Tk1.51. And its net asset value per share (NAVPS) was at Tk17.37 without revaluation.
Its paid up capital is Tk60 crore.
BD Finance Capital Holdings Ltd is working as issue manager of the company for its IPO process.
Associated Oxygen Limited has been a producer and supplier of industrial gases both in liquid and gaseous forms for over the last three decades.
The company currently has a capacity of 8.27 lakh cubic metre per month of oxygen/nitrogen gases and 99.29 lakh cubic metre per annum capacity of dissolved acetylene gas.
Its manufacturing facility is located in Sitakunda of Chattogram.