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RAK Ceramics, a Bangladesh-UAE joint venture, has started process under book-building method to hit the country’s stock market.

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The Securities and Exchange Commission, the market regulator, gave the green light to RAK at a meeting on Wednesday, officials said.

The tiles and sanitary-ware maker will float three crore ordinary shares worth Tk 10 each in face value under the book-building method.

An indicative price for each RAK share has already been built at Tk 40 through bidding by seven institutions from four sectors.

Now in the price discovery phase, bidders cannot quote 20 percent more or less than the indicative price, meaning they will have to offer between Tk 32 and Tk 48 for each share. Fixing the indicative price is required to obtain regulatory approval.

Prime Bank, Southeast Bank and IFIC Bank joined the indicative price bidding from the banking sector. Prime Finance and LankaBangla Finance participated in it as non-bank financial institutions, Mercantile Insurance as an insurance sector company and Royal Green Securities as a brokerage house.

“We will start work for price discovery after receiving written approval from SEC. We hope to complete the work by January,” Arif Khan, chief executive officer and managing director (current charge) of IDLC Finance, told The Daily Star.

IDLC Finance is the lead issue manager of the RAK Ceramic IPO, while BRAC-EPL is the co-issue manager.

The institutions will not be allowed to sell shares in the first 15 trading days under the lock-in system.

RAK’s paid-up capital is Tk 195 crore. As of June 30, the company’s net asset value was Tk 18 a share and earnings per share were Tk 1.99.

Foreign entrepreneurs own 90 percent of the company, while local entrepreneurs own the remainder, but local ownership will become 20 percent after the IPO.

RAK started business in Bangladesh in 2001. Presently, the company holds around 80 percent market share in the sanitary-ware market and around 35 percent in the ceramics market.

PRICE DISCOVERY

The book building mechanism, a widely practised price fixing mechanism for IPO, was introduced in March, aiming to encourage private-sector entrepreneurs to list their large and profitable companies on bourses at fair prices.

In line with the book building mechanism, institutions bid for shares through which the price is discovered. A weighted average price is fixed based on the highest and lowest price and shares are allotted for institutions at the weighted average price. The lowest price is considered a cut-off price for public offers or general investors.

RAK Ceramics, a Bangladesh-UAE joint venture, has started process under book-building method to hit the country’s stock market.

It is the first company, which will make debut on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE), using such modern pricing mechanism for initial public offering (IPO) introduced in March of last year.

As part of the process, the tiles and sanitary-ware maker held an IPO road show to woo the eligible institutional investors in a city hotel Saturday. RAK received primary approval for floating shares from the securities regulator in December.

Within next three weeks, it will begin to sell shares among the institutional investors after receiving SEC consent’s on bidding. Institutional bidding will be executed by DSE and CSE.

Subscription for general investors will open 25 days from the closure of the institutional bidding.

Chairman of RAK Ceramics (Bangladesh) Khater Massaad described the company’s prospects and future plan to impress the institutional investors.

“We feel very proud to come in Bangladesh,” said Massaad. A large number of people and growing per capita income have been creating demands for products, which mainly attracted us to invest in the growing market of Bangladesh, he said.

He said, “Meeting the local demands, the company has already begun to export products to India, Sri Lanka and Nepal and plans to enter in European market”.

IDLC Finance is the lead issue manager of the RAK Ceramic IPO, while BRAC-EPL Investments Ltd is the joint issue manager.

Arif Khan, deputy managing director of IDLC Finance Ltd, presented the company’s financial strength while Saiful Islam, director of BRAC-EPL, explained logic of the company’s indicative price and described the bidding process.

Mr Arif also responded to the volley of questions asked by the institutional investors about the company’s financial side.

DSE president Md Rakibur Rahman and local investors SAK Ekramuzzaman, who holds 10 per cent of RAK Ceramics, also spoke in the road show programme.

RAK offers 34.51 million equity shares worth Tk 10 each in face value under the book-building method. Of which, 20 per cent will be funded by eligible institutional investors, 10 per cent by mutual funds, 10 per cent by non-resident Bangladeshis and 60 per cent by public.

An indicative price for each RAK share has already been built at Tk 40, including a premium of Tk 30, through bidding by seven institutions from four sectors.

According to the book building method, bidders cannot quote 20 percent more or less than the indicative price, meaning they will have to offer between Tk 32 and Tk 48 for each share. Fixing the indicative price is required to obtain regulatory approval.

As of December 31, 2009, RAK’s pre-IPO paid-up capital is Tk 1.86 billion. The company’s net asset value was Tk 13.69 a share and earning per share (EPS) was Tk 1.83.

Foreign entrepreneurs own 90 percent of the company, while local entrepreneurs own the rest, but local ownership will increase to 20 per cent after post-IPO.

RAK started commercial operation in Bangladesh in late 2000. Presently, the company has the market shares over one-fourth of tiles and more than three-fourth of sanitary ware products.

Book Building is a method through which companies determine the values of their IPOs based on the bidding prices from the eligible institutional investors. The SEC introduced the method in March aiming to encourage private-sector entrepreneurs to list their large and profitable companies with bourses at fair prices.

It is the process by which a price will be determined by institutional investors on the basis of an indicative price offered by the issuer company.

Using the method, the issuer company will first ask for share prices from the institutional investors by organising road shows, projection meeting and seminar on the company.

Then the company in association with its issue manager will fix an indicative price, which will have to be based on offering prices by at least five institutions in three categories, and send it to the securities regulator and stock exchanges.

Based on the indicative price, the institutions will bid for shares.

However, the bidders could not quote 20 percent more or less from the indicative price. Then a weighted average price will be fixed based on the higher and lower prices and shares will be allotted for institutions at the weighted average price.

The lowest will be considered as cut-off price for public offerings or general investors.

The institutions will not be allowed to sell shares in the first 15 trading days under the book building’s lock-in system.

Book building method to encourage companies to enlist with stock exchange  Book Building Method, a new system of modern pricing mechanism for IPOs, would encourage companies to enlist with stock exchanges as it ensures fair pricing of initial public offerings (IPO).

This was told by President of Dhaka Stock Exchange (DSE) Md. Rakibur Rhaman at a seminar on `Book Building Method and IPO’ at a city hotel here today.

He said the book building method will play a significant role in encouraging entrepreneurs to list their firms, said a press release.

Book building is a method through which companies determine the values of their IPO’s based on the bidding prices from the institutional investors.

RAK Ceramics (Bangladesh), a Bangladesh-UAE joint venture, organized the seminar. Managing Director of RAK Ceramics SAK Ekramuzzaman gave vote of thanks.

A multimedia presentation on the maiden book-building method was screened at the seminar, joined, among others, by chairman of RAK Ceramics Dr. Khater Massaad.

Massaad said the RAK could be turned into a large industry in Bangladesh. He said the book building method might generate huge employment opportunities for the country’s unemployed youths if due importance is given on it.

The RAK Ceramics (Bangladesh) is going to be the first to offer primary shares using the book building method. The joint venture company has already got approval from the Security Exchange Commission in this regard.

M. Shahidul Islam,

Company Secretary

RAK Ceramics (Bangladesh) Ltd.

Click Here For Initial Public offering, IPO result,Upcoming share, Bank / Branch Code, Other than NRB (General Public), Mutual Fund, Non – Resident Bangladeshi (NRB), Distribution of Refund Warrant

Click Here For Forth Coming IPO Approved By SEC, Upcoming Ipo 2010 In Bangladesh, Ipo Discussion And Share Your Opinion.

For Further Information: RAK Ceramics, House No 5, Road No.1/A, Sector 3 Uttara, Dhaka 1230.