Regulator approves Envoy Textiles' IPO

The Securities and Exchange Commission yesterday approved Envoy Textiles' initial public offering to raise Tk 90 crore from public.
The approval came at the stockmarket regulator's meeting chaired by SEC Chairman M Khairul Hossain.
Using a fixed-price method, Envoy Textiles will float three crore ordinary shares of Tk 10 each at an offer price of Tk 30, including a premium of Tk 20, the SEC said in a statement.
The company will use the IPO proceeds to purchase machinery and as working capital.
The company's earnings per share are Tk 4.42, according to its 2011 financial statements.
LankaBangla Investments Ltd is the issue manager of the Envoy Textiles' IPO.
Envoy Textiles, a subsidiary of Envoy Group, will be the 27th company in the textile sector to list on the bourse.
Set up in 2005, Envoy Textiles is a manufacturer of fashion denim.
At yesterday's meeting, Arian Chemicals, a non-listed firm, also obtained regulatory approval to increase its paid-up capital by Tk 17 crore.
The company will issue 1.7 crore ordinary shares of Tk 10 each to raise the capital. Existing shareholders and any other institutions and individuals can buy the newly issued shares.