Nialco Alloys becomes the first SME IPO in Bangladesh to go to Public
Nialco Alloys was given the green light to go public by the Bangladesh Securities and Exchange Commission (BSEC) .
The commission has approved the country’s first quality investors offering to help the business meet its demand for long-term financing (QIO). According to a BSEC statement, the meeting was presided over by Commission Chairman Prof Shibli Rubaiyat-Ul Islam.
The stockmarket regulator made the decision in a meeting at its headquarters yesterday, according to a press release from the BSEC.
Nialco Alloys, a producer of high-grade bronze and brass ingots, and gun metal, which is controlled by MTB Capital would become the country’s first small and medium enterprise (SME) to list on the stock exchange as a result of this decision.
The company was founded in 2011 and began operations in 2015.
In 2019, it made a profit of Tk 19.6 million, up from Tk 1.47 million in 2018. Last year, the company made a profit of Tk 15.1 million.
The company aims to raise Tk 7.5 crore from qualified investors by issuing 75 lakh shares at Tk 10 each.
The approval is expected to make it easier for SMEs to grow their businesses by listing on the stock exchange. For the trading of small-cap stocks, the SEC established a SME Board.
According to the Bangladesh Bureau of Statistics, there are approximately 78 lakh SMEs in Bangladesh, employing approximately 2.5 crore people.
A individual is considered a registered investor if he or she has invested more than Tk 1 crore in listed securities.Nialco Alloys shares will be traded on the bourses’ SME market, which is restricted to institutional investors.
Nialco plans to use the funds to purchase land, buy machinery, and cover the costs of the IPO.
It has three years from the start of trading to issue bonus shares.
The fund’s primary goal is to raise Tk 10 crore, of which Tk 1 crore will come from the fund’s founder, the Royal Bengal Investment Management Company, and the rest will be available to general investors.
RBIMCO is the fund manager of the fund.
Mehjabin Zaman Mahee
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