MI Cement Factory Ltd, manufacturer of Crown Cement, submitted its indicative price worth Tk 93 to Securities and Exchange Commission (SEC) Wednesday for its approval to float initial public offering (IPO).
Earlier on Sunday, the company organised a road show in the city to mobilise fund worth Tk 300 million from the public and the institutional bidders for its expansion.
Responding to a volley of questions from the bidders, chairman of MI Cement Md Jahangir Alam said that his company had earned a robust profit during 2008-09 fiscal and this helped it earn Tk 9.40 on each share.
The prices of cement raw materials including clinker, fly ash and gypsum fell sharply during 2008-09 fiscal following the global economic meltdown.
"Our company earned huge profit during the period and our per share earning increased to Tk 9.40 at that time," Md Jahangir Alam told the institutional bidders.
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