Sheema Automatic Re-Rolling Mills to go public

Sheema Automatic Re-Rolling Mills Limited (SARML), a Chattogram-based MS rod, billets, and bars manufacturer, hit the road to the stock market by appointing issue managers who will serve the required process to help it go public.

To this end, the company on Thursday signed an agreement with a local investment bank — ICB Capital Management Limited— for issue management services, a company source familiar with the matter said.

According to the source, the company would raise Tk 270 crore through the IPO under the book-building method.

Mohammed Mamun Uddin, managing director of Sheema Automatic Re-Rolling Mills; and Asit Kumar Chakravorty, chief executive officer of ICB Capital Management, were present at the agreement signing ceremony.

Sheema Automatic Re-Rolling Mills has a paid-up capital base of Tk 120 crore.

Incorporated as a private limited company in March 2001, it manufactures multiple types of MS rods, billets, and bars.

Its principal operation is to manufacture and market a wide array of MS rod, billets, and bars.

Its manufacturing plant is located at Bhatiary in Shitakund of Chattogram.

Mohammed Mamun Uddin, managing director of SARML said the company performed well both technically and financially since its inception.

It sources raw materials from overseas markets and local suppliers as well.