Sunday, Jun 20, 2010
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DUBAI (Zawya Dow Jones)--United Arab Emirates-based RAK Ceramics raised $23.9 million through the initial public offering, or IPO, for its Bangladesh subsidiary and said Sunday the subsidiary's shares are trading on Dhaka Stock Exchange, or DSE and Chittagong Stock Exchange, or CSE.
"The company received initial public offering collection of more than $258.6 million in an initial public issue process in Bangladesh, setting a record for the highest-ever IPO collection in the country," the company said in an emailed statement.
Data on the DSE shows the company raised $23.9 million through the Bangladesh IPO. Only 19.35% shares were placed in the IPO while RAK Ceramics UAE retained 72.59% of the post-IPO share holding of the company in Bangladesh.
RAK Ceramics, the world's largest ceramics manufacturer, offered a total of 34.51 million equity shares with a face value of 10 Bangladesh taka ($0.14) each, which were priced at BDT48 per share after the price discovery in the book building process.
The company added in the statement it launched the IPO "to make the company debt-free and fund future projects in Bangladesh", where the company supplies up to 75% of the domestic demand for sanitary ware and 25% of demand for ceramic tiles.
IDLC Finance was the lead issue manager of the RAK Ceramics IPO, while BRAC-EPL Investments Ltd. was the joint issue manager, the statement said.
Share trading began on June 13 on the DSE and CSE. During the initial day's trade the share price crossed above BDT200 per share amounting to a record market capitalization of over $650 million, the company statement said.
RAK Ceramics shares are trading +7.1% at AED1.50 on a flat Abu Dhabi stock market.
-By Tahani Karrar-Lewsley and Nour Malas, Dow Jones Newswires; +9714 446-1692; Tahani.Karrar@dowjones.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
20-06-10 0840GMT
