DHAKA: The Securities and Exchange Commission Wednesday approved initial public offerings (IPOs) of two companies for trading their shares under book-building method.

The stock-market regulator in a meeting Wednesday gave the approval to Modern Poly Industries and Alliance Holdings Ltd to be enlisted with the capital market offering IPOs under the book-building method, SEC sources said.

“This approval will help increase share supply to the market to some extent,” said SEC Executive Director Anwarul Kabir Bhuiyan.

Modern Poly Industries has three crore shares with the face value of Tk 10 while Alliance Holdings Ltd will float 3.5 crore shares with face value of Tk 10. The indicative price of each share of the companies has been fixed at Tk 68 and Tk 88 respectively.

According to the financial report till December 31, 2009, Modern Poly’s asset value per share is Tk 26.62 and income per share Tk 4.76 while Alliance Holdings’ asset value per share is Tk 7.69 and income per share Tk 10.45.

The paid-up capital of Modern Poly is Tk 50.40 crore while of Alliance holdings is Tk 100 crore.

The two companies applied to the SEC for IPOs to offer shares under book- building method on April 5 and April 18 respectively.

BDST: 1841 HRS. AUG 25, 2010