The application date for the initial public offering (IPO) has been fixed by Lubricant Company BNO’s brand Lube-Ref (Bangladesh) Limited. The company’s IPO subscription will start from January 26. It will continue till 5 pm on February 1.

The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market, approved the IPO of the company after the bidding of the company. Subscription days are then set for withdrawal of funds from investors.

The company will raise Tk 150 crore by issuing 4 crore 52 lakh 43 thousand 144 shares in the capital market. Of this, 2 crore 26 lakh 21 thousand 544 shares will be issued to the general investors and 61 crore 8 lakh 73 thousand 200 taka will be collected. The price of each share has been set at 26 taka.

The company will issue 2 crore 26 lakh 21 thousand 544 shares among the eligible investors in the bidding and raise 6 crore 92 lakh 17 thousand 600 taka. The cut-off price of the company has been fixed at Tk 30 in the auction. From here, the shares will be sold to the general investors in the IPO at a discount of 10 percent, i.e. Tk. 27.

NRB Equity Management is in charge of the issue manager of the company.