Matin Spinning makes stock debut today

Matin Spinning Mills is all set to make its share trading debut on the Dhaka and Chittagong stock exchanges today.
The company, which had raised Tk 126 crore through initial public offering (IPO), will be the 34th listed firm in the textile category.
The yarn manufacturer floated 3.41 crore ordinary shares of Tk 10 each at an offer price of Tk 37 each, including Tk 27 as premium.
IDLC Investments managed the IPO, the proceeds of which are being used for expansion of the existing projects of the mill.
As of December 2013, the company's net profit was Tk 12.86 crore with basic earnings per share (EPS) of Tk 2.03.
However, the company's post-IPO basic EPS was Tk 1.32 as of December 2013 and net asset value per share Tk 37.50.
Bangladesh Securities and Exchange Commission approved Matin Spinning IPO on December 10 last year.