The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) application of S Alam Cold Rolled Steel Mills Ltd to raise Tk 12 crore from the capital market.
The approval was given on Thursday at a meeting of the capital market watchdog. S Alam that produces CR coils (cold rolled) will float 12 lakh shares of Tk 100 each to raise the amount.
The company started operation in 2004 and its paid-up capital has been Tk 41.34 crore as of June 30, 2005 with earning per share Tk 24.58, SEC sources said.
The net asset value (NAV) per share of S Alam is Tk 299.93 as on June 30, 2005.
An executive of the Commission said SEC is encouraging the manufacturing companies to raise fund from the capital market.
