FINANCIAL NEWS

RAK Ceramics raises $259m in IPO

21 Jun 2010

(MENAFN) RAK Ceramics said that it has received collections of more than $258.6 million in an initial public offering by its Bangladesh subsidiary, setting a record for initial public offering (IPO) collections in the country, Gulf News reported.

The company has a 30 percent share in Bangladesh’s ceramic tiles market, producing 15 million square meters per year.

RAK Ceramics, which has been operating a joint venture in Bangladesh since early 2000, has also become the first company in Bangladesh to launch its IPO as per the Dhaka Stock Exchange recommended book building process, a modern pricing mechanism for IPOs introduced in March last year.

The public portion of the IPO was around 15 times oversubscribed, setting another record as the highest oversubscription in Bangladesh for an issue size greater than $5 million.

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