Emerald Oil Industries Ltd IPO Approved! www.spondonoil.com
Emerald Oil Industries Ltd IPO Approved:- The securities regulator Authority Bangladesh Securities and Exchange Commission (BSEC) approved the initial public offering (IPO) proposal of the Emerald Oil Industries Ltd on Tuesday to raise Tk 200 million through public offering.
The approval came at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the regulatory approval, Emerald Oil Industries will float 20 million ordinary shares of Tk 10 each at an offer price of Tk 10, without premium.
The company has said in its prospectus, The proceeds will be used for repayment of term loan, IPO expenses and strengthening the capital base.
According to the company’s financial statement for the year ended on June 30, 2013, the company’s earning per share (EPS) and net asset value (NAV) are at Tk 2.85 and Tk 14.06 respectively.
Alliance Financial Services Limited is the issue manager of Emerald Oil Industries IPO.
The company has been producing rice bran edible oil – Spondon – since 2011. Rice bran oil is the oil that is extracted from the inner husk of rice plants.