Subscription to the initial public offering of steel manufacturer GPH Ispat kicked off on Thursday.

The IPO subscription will remain open until February 9 for resident Bangladeshis and February 18 for non resident Bangladeshis.

The company is raising BDT 60 crore from public through issuing two crore ordinary shares of BDT 10 each at an offer price of BDT 30 each, including BDT 20 as premium.

Earlier, on November 29 of last year, GPH received approval from the Securities and Exchange Commission for the IPO using fixed price method.

The Chittagong based company will use the IPO proceedings to repay loans and pay taxes.

AAA Consultants and Financial Advisers is the issue manager of the IPO.

The company is engaged in the manufacturing process of producing MS billet from steel scrap and MS rod from MS billet.

(Sourced from www.thedailystar.net)