2024-09-01 16:11:36
863 crore raised by 18 companies listed on the capital market through initial public offering (IPO) is still in use. Between 2011 and June 2024 i.e. 13 years, the companies collected this money by issuing new shares from the capital market with the aim of expanding business and implementing various projects.
This information is known from the source of capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC).
The companies are- Bangladesh Shipping Corporation, BD Thai Foods, Index Agro, JMI Hospital, Lub-Ref Bangladesh, Best Holdings, Dominage Steel, Global Islami Bank, Acme Pesticides, Silva Pharma, Taufika Foods, Aman Cotton, Asiatic Laboratories, Associate Oxygen, Navan Pharmaceuticals, Ring Shine Textiles, Sikdar Insurance and Union Bank.
According to the data, in the last 13 years, 132 companies have raised a total of Tk 10,402 crore from the capital market through IPO and RPO. 114 of these companies have fully utilized Tk 9,539 crore for the purposes stated in their prospectus. The remaining 18 companies could not utilize the funds in the sectors mentioned in their prospectus within the stipulated time. As a result, companies could not keep their promises to investors.
Most of the 18 companies that have not fully utilized their IPO funds have sought more time from the regulatory commission. But few companies listed on the stock market in the last two years still have time to use their funds as per their prospectus.
Meanwhile, a stock exchange report has pointed out that several of the listed companies have exceeded the deadline for using the IPO funds allocated to their projects, thereby not fulfilling their promises to investors. However, the miscreants who own the companies are using this money for their own interests.