BBS Cables Gets IPO Approval

BBS Cables, the manufacturer of electric wires, will file for IPO to raise BDT 200 million. The company already received the positive nod from Bangladesh Securities and Exchange Commission, the commission said in a statement after its 602nd commission meeting on 13th April. Find a breakdown of IPO details below:

• BBS Cables will float 20 million ordinary shares of BDT 10 each
• The IPO proceeds will be used for acquisition of plant and machinery, building and other civil works, partial repayment of bank loans and managing IPO.
• Banco Finance and Investment and ICB Capital Management will jointly manage the IPO. AIBL Capital
• Management Limited, ICB Capital Management Limited, and Southeast Bank Capital Services Ltd are listed as underwriters.

Financials: According to data from June last year, the company’s earnings per share stood at Tk 2.46 and net asset value per share at Tk 16.87.

BBS Cables, a sister concern of Bangladesh Building Systems, was incorporated on 12 April 2009. It manufactures all types of quality cables, wires, and conductors.