SEC approves IPO for Mobil Jamuna

The Securities and Exchange Commission (SEC) of Bangladesh gave its go-ahead to an oil marketing firm, partly owned by the government, to launch what could become the country’s second biggest initial public offering (IPO). Officials said the commission has allowed Mobil Jamuna Bangladesh Limited (MJBL) to raise Tk 5.08 billion (US$72.21 million) by offloading 40 million shares under the book building method. The company’s indicative price is Tk 127.0 (US$1.81). U.S.-based ExxonMobil Corp. and state-owned Jamuna Oil Co. Ltd., and EC Securities Ltd., an investment arm of the East Coast Group, have stakes in the 12-year-old MJBL. The company was previously known as Mobil Jamuna Lubricants Ltd. (October 4, 2010)