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GSP Finance Company (Bangladesh) Limited is going for Initial Public Offering (IPO) in the country's primary market soon.
In this respect the company recently signed an issue management agreement with the AAA Consultants and Financial Advisers in the city.
GSP Finance Company (Bangladesh) Limited Managing Director and CEO Feroz U Haider and AAA Consultants and Financial Advisers Managing Partner and CEO Khwaja Arif Ahmed signed the accord on behalf of their respective organisations. The senior officials of both the companies attended the ceremony.
Earlier, the company appointed CRISL for the purpose of its rating.
GSP Finance is a joint venture financial institution with the foreign and local stakes of 61.78 per cent and 38.22 per cent respectively.
It will go for the IPO to raise fund from the public and potential investors. Bangladesh Bank (BB) has also been approached in this regard. Securities and Exchange Commission (SEC) will be formally approached on completion of the preparation of the company's balance sheet as on December 31, 2005.
Although GSP Finance attained the required share and equity capital of Tk 250 million (25.00 crore) in December 2003, its IPO will be floated to strengthen the capital market, in line with the policy pursued by the BB and the SEC.
The company will issue IPO shares on receipt of permission from the SEC in the first half of the current year. Prospectus will also be published within the timeframe, portraying its financial strength.
GSP Finance Company is presently extending lease financing for capital machinery, medical equipment, construction equipment, office equipment, electrical equipment, marine and road transport, loans for property developers, constructions, SMEs etc.
It has also entered into merchant banking since 1999 and participating in the capital market by way of underwriting, issue management, pre-IPO placement, portfolio management and investment in stocks, shares and debentures in both the primary market and secondary market.
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