Daily Star-January 22,2012 Sunday
The Securities and Exchange Commission has approved the initial public offering (IPO) prospectus of Bangladesh Submarine Cable Company, which will raise Tk 108.50 crore from public.
The approval to the IPO of the telecom service provider came at a meeting of the stockmarket regulator on Tuesday last with SEC Chairman M Khairul Hossain in the chair.
Bangladesh Submarine Cable Company will float 3.10 crore ordinary shares of Tk 10 each at an offer price of Tk 35 each, including Tk 25 as premium, according to a press statement signed by SEC spokesman and Executive Director Saifur Rahman.
The IPO proceedings will be used in repaying loans taken from Islamic Development Bank and meeting working capital. The working capital will be used in setting up another substitute cable line to acquire bandwidth and ensure uninterrupted voice and data supplies.
ICB Capital Management Ltd is the issue manager of the Bangladesh Submarine Cable IPO.
As of June last year, the net asset value per share of the company is Tk 17.57 and earnings per share is Tk 3.49.
Formed in July 2008, Bangladesh Submarine Cable presently handles Bangladesh's lone submarine cable -- SEA-ME-WE-4 -- and represents the country in the SMW-4 international cable consortium.
The Securities and Exchange Commission has approved the initial public offering (IPO) prospectus of Bangladesh Submarine Cable Company, which will raise Tk 108.50 crore from public.
The approval to the IPO of the telecom service provider came at a meeting of the stockmarket regulator on Tuesday last with SEC Chairman M Khairul Hossain in the chair.
Bangladesh Submarine Cable Company will float 3.10 crore ordinary shares of Tk 10 each at an offer price of Tk 35 each, including Tk 25 as premium, according to a press statement signed by SEC spokesman and Executive Director Saifur Rahman.
The IPO proceedings will be used in repaying loans taken from Islamic Development Bank and meeting working capital. The working capital will be used in setting up another substitute cable line to acquire bandwidth and ensure uninterrupted voice and data supplies.
ICB Capital Management Ltd is the issue manager of the Bangladesh Submarine Cable IPO.
As of June last year, the net asset value per share of the company is Tk 17.57 and earnings per share is Tk 3.49.
Formed in July 2008, Bangladesh Submarine Cable presently handles Bangladesh's lone submarine cable -- SEA-ME-WE-4 -- and represents the country in the SMW-4 international cable consortium.
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