Western Marine goes for IPO

05 June 2014: This Tuesday, 4 June 2014 the securities regulator approved the IPO (initial public offering) proposal of the Western Marine Shipyard Limited (WMShL) to raise a fund worth Tk 1,575 million from public.

The approval came at a commission meeting, chaired by the Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Khairul Hossain, held at the BSEC office.

As per the regulatory approval, the shipyard will float 45 million ordinary shares at an offer price of Tk35, including a premium of Tk25.

The company will use the IPO fund to re-pay the bank loan, infrastructure development and expenses of IPO proceedings.

The company’s earnings per share (EPS) and net asset value (NAV) per share were Tk 3.87 (weighted average) and Tk 40.27 in accordance with the financial statement for the year ended on June 30, 2013.

Prime Finance Capital Management Ltd, ICB Capital Management Ltd, and EC Securities Ltd are acting as issue managers of the Western Marine Shipyard’s IPO.

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