The stockmarket regulator yesterday approved IPO prospectuses of two new firms.
Modern Poly Industries Ltd, a concern of business conglomerate TK Group, will float three crore ordinary shares of Tk 10 each using the book building method, a modern pricing mechanism for initial public offering (IPO).
The indicative price of each Modern Poly share has already been fixed at Tk 64. Now under book building method, the eligible institutions will be allowed to quote 20 percent up or down from the indicative price for each share.
Alliance Holdings Limited, a diversified holding company with a dynamic investment portfolio, will also float 3.50 crore ordinary shares of Tk 10 using the book building system.
The indicative price of each Alliance Holdings share has already been fixed at Tk 88, which means the eligible institutional investors will be allowed to offer prices between Tk 105.60 and Tk 70.40.
“The new issues will help support the market by increasing the number of listed firms, or in other words, more investment options,” Anwarul Kabir Bhuiyan, SEC’s executive director, told reporters.
