Best Holdings Limited, the owning company of Le Méridien Dhaka, Best Hotels Limited, and Dhamshur Economic Zone, has got the approval to raise Tk 350 crore by issuing ordinary shares through an initial public offering (IPO).

The Bangladesh Securities and Exchange Commission (BSEC) gave the approval in a commission meeting held at its office in the capital yesterday.

With the IPO proceeds, the company will construct a building and implement other civil works, locally purchase machinery and equipment and repay existing liabilities, the BSEC said in a press release.

The BSEC imposed a precondition that the company will not be allowed to announce and disburse any dividend before the listing.

Shanta Equity Ltd and ICB Capital Management is the issue manager.

According to the company's financial reports for the year ending on June 30 of 2023, the net asset value of each share was Tk 56.34 and earnings per share was Tk 1.24. Its five-year weighted average earnings per share was Tk 0.95.