The initial public offering (IPO) of Bashundhara Paper Mills Limited will be approved soon, Bangladesh Securities and Exchange Commission (BSEC) Chairman M. Khairul Hossain informed on Wednesday.
 
The BSEC chairman made the disclosure at a seminar styled ‘Role of Capital Market for Long-Term Financing: Bangladesh Context’ held at a city hotel. Bangladesh Merchant Bankers Association (BMBA) organised the seminar. 
Industries Minister Amir Hossain Amu and Bangladesh Association of Publicly Listed Company (BAPLC) Azam J Chowdhury also spoke at the seminar,     which was presided over by Bangladesh Merchant Bankers Association President Sayedur Rahman.
 
Speaking on the occasion, the BSEC chairman said though only a handful of IPOs was approved this year, several companies received approval for raising capital through right shares or issues. The process is underway so that the companies can raise capital from capital market through IPOs and right shares smoothly, he informed.
 
The BSEC chief asked the merchant banks to bring good companies into the capital market. “And for that, companies have to apply for approval backed by good audit reports,” he said.  Khairul Hossain also urged the stakeholders to encourage large multi-national companies into the capital market. 
The cut-off price for each share of Bashundhara Paper Mills Limited (BPML) was set at Tk 80 through book building system that ended on October 19. Of the total Tk 2 billion to be raised from the capital market, the issue size for the eligible investors was Tk 1.25 billion.
 
Bashundhara Paper Mills, a concern of the country’s leading business conglomerate Bashundhara Group, produces a wide range of paper and paper products. The company also exports paper.