ACME Pesticides Limited will commence its initial public offering (IPO) next October 12 on Tuesday raising Tk300 million under the fixed price method. As per the Dhaka Stock Exchange (DSE), the company’s IPO subscription will go on till next October 18.
The IPO was approved by the Bangladesh Securities and Exchange Commission (BSEC) last July 19. The company is going to offload 30 million shares under the fixed price method where each share will be valued at Tk10.
The capital will be used for building construction, purchasing machinery, repaying bank loans and bearing the IPO expense. Issuing bonus shares will not be allowed for 4 years from the date of the company’s debut. The issue manager for this IPO is Shahjalal Equity Management.
Eligible investors are a provident fund or pension where they need to maintain a minimum investment of Tk5.0 million at market price in listed securities by the end of the fifth working day prior to commencement of subscription to submit for an application.
Other eligible investors have to maintain Tk10 million in listed securities at market price.