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approval to issue their initial public offering worth Tk 58.5 crore in
total. The five companies are Crystal Insurance Company Ltd, RN
Spinning Mills Ltd, Industrial and Infrastructure Development Finance
Company Ltd, Keya Cotton Mills Ltd, and Vantage Electrical and
Electronics Ltd, according to the website of Dhaka Stock Exchange.
Crystal Insurance Company has applied to float nine lakh shares of Tk
100 each totalling Tk 9 crore. Incorporated on November 11, 1999,
the company commenced its business on the same day. The
authorised capital of the company is Tk 20 crore and paid up capital
Tk 6 crore, according to the company's draft IPO prospectus. ICB
Capital Management Ltd is the issue manager. RN Spinning Mills
Limited has sought permission to raise Tk 30 crore, issuing 30 lakh
shares of Tk 100 each. Incorporated on November 4, 2004, the
company commenced its business operation of producing synthetic yarn
for export-oriented dyeing/textile industries from July 2007. The
authorised capital of the company is Tk 150 crore and paid up capital
some Tk 67.30 crore. The proceeds from IPO will be used for loan
repayment and expansion of business activity of the company, the
company has said in its draft IPO prospectus. Industrial and
Infrastructure Development Finance Company Ltd has applied to float 5
lakh shares of Tk 100 each totalling Tk 5 crore. Incorporated on
December 19, 2000, the company commenced its operation May 2001.
The authorised capital of the company is Tk 100 crore and paid up
capital some Tk 32.11 crore including bonus share for the year 2007.
The proceeds of the present issue are planned to be utilised for
financing company's operational activities in the course of normal
business. Keya Cotton Mills has sought SEC's permission to raise
Tk 5 crore, issuing 50 lakh shares of Tk 10 each. The company has
also sought Tk 5 as premium for each share. Incorporated on June
15, 2004, the company commenced its business operation in 2006.
The authorised capital of the company is Tk 100 crore and paid up
capital Tk 24.70 crore. The principal activities and operations of
the company are manufacturing and selling cotton yarn, the company
has said in its draft IPO prospectus. The proceeds of IPO will be
used for repayment of long-term liabilities and lease liabilities.
Vantage Electrical and Electronics has applied for permission to
float 9.5 lakh shares of Tk 100 totalling Tk 9.5 crore. The
company was incorporated on May 28, 1998. The authorised capital
of the company is Tk 50 crore and paid up capital Tk 9.95 crore.
The company is engaged in manufacturing and selling of electrical and
electronic power supply and power support products, according to the
draft IPO prospectus of the company. IPO proceeds will be used to
pay off existing bank loan and increase its existing capacity.
