Listing Timeline

Pre-Submission Phase

S-1

Obtainment of Board Approval for the IPO (the offer size & method)

Before submission of application

S-2

Appointment of Issue Manager, Underwriters, Registrar, Auditor and other Experts

Before submission of application

S-3

Preparation of Draft/Red-Herring Prospectus and Audited Financial Statements (not older than 120 days)

Before submission of application

Application & Submission Phase

S-4

Submission of Application & Draft prospectus to BSEC and Stock Exchange(s) simultaneously

Day 0

S-5

Publication of Draft/Red-Herring Prospectus on the Websites of the Issuer and Issue Manager

Immediately upon submission of the application

Regulatory Compliance Review Phase

S-6

Factory Visit and Review of Financial Documents by the Exchange

Within 20 working days of receipt of the application

S-7

Exchange may seek additional clarification & the concerned party shall fulfill such requirement

Within time specified by Exchange

S-8

Submission of Exchange’s recommendation for listing/rejection to BSEC

Within 30 days of receipt of complete application

S-9

Review of application by BSEC

After receipt of Exchange’s recommendation

S-10

Further review by Stock Exchange(s), if required by BSEC

within 7 days of receipt of the recommendation

S-11

Issuance of Consent/Rejection Letter by BSEC

Within 20 days of receipt of the recommendation

S-11

In case of rejection, appeal against rejection

Within 20 days from the date of rejection

S-13

Withdrawal of application (if applicable)

Before prospectus issuance

Post Approval Phase

S-14

Publication of Vetted Prospectus on Websites and Newspapers

Within 3 working days of receipt of the consent letter

S-15

Application for listing to the relevant Stock Exchange(s)

Within 7 working days of receipt of the consent letter

Subscription Phase

S-16

Opening of subscription for EIs

After receiving consent

S-17

Closing of EI subscription

Within 120 hours round the clock after receiving consent

S-18

Publication of final allotment list on the relevant parties’ websites

Within 3 working days of closure of subscription

S-19

Transfer of subscription proceeds to the Issuer's escrow account

Within 4 working days of closure of subscription

S-20

Refund of excess subscription money to EIs

Within 5 working days of closure of subscription

S-21

Opening of subscription for General Investors

After 10 working days of the publication of prospectus

S-22

Closing of subscription

Within 15 working days of the publication of prospectus

S-23

Reporting of subscription status to BSEC & Stock Exchange(s)

Within 5 working days of closure of subscription

S-24

Notice to underwriters, in case of undersubscription

Within 10 days of closure of subscription

S-25

Deposit of Underwriting Commitment by Underwriters

Within 15 days of notification

S-26

Submission of Proof of Subscription and Fund Deposit to BSEC

Within next 7 days of the expiry period of SL no. 25

Exchange Listing Phase

S-27

Approval of listing by the Stock Exchange (s)

Within maximum period of 30 working days of closure of subscription

S-28

Commencement of trading

As specified in the BSEC consent letter

Pre-Submission Phase

S-1

Obtainment of Board Approval for the IPO (the offer size & method)

Before submission of application

S-2

Appointment of Issue Manager, Underwriters, Registrar, Auditor and other Experts

Before submission of application

S-3

Preparation of Draft/Red-Herring Prospectus

Before submission of application

S-4

Invitation to EIs for Roadshow through newspaper & digital platform

At least 10 working days before starting Roadshow

S-5

Conduct of Roadshow in presence of representatives from Exchange

On the Scheduled Date and Time

S-6

Interested EIs submits their valuation

Within 3 working days of the end of Roadshow

S-7

Determination of Indictive price

After receiving EI valuation

Application & Submission Phase

S-8

Submission of Application & Draft prospectus to BSEC and Stock Exchange(s) simultaneously

Day 0

S-9

Publication of Draft/Red-Herring Prospectus on the Websites of the Issuer and Issue Manager & Exchange

Immediately after receipt of application

Regulatory Compliance Review Phase

S-10

Notification to EIs by the Exchange

Immediately after uploading in website

S-11

Submission of comments by EIs

Within 5 working days of such notification

S-12

Exchange shares EIs’ comments with the issuer/issue manager

Within 3 working days of receiving comments from EIs.

S-13

Clarification from Issuer/Issue Manager in response to the EIs’ comments

Within 5 working days

S-14

Factory Visit and Review of Financial Documents by the Exchange

Within 20 working days of receipt of the application

S-15

Exchange may seek additional clarification & the concerned party shall fulfill such requirement

Within time specified by Exchange

S-16

Submission of Exchange’s recommendation for listing/rejection to BSEC

Within 30 days of receipt of complete application

S-17

Consent by BSEC to commence bidding

After Exchange’s recommendation

Bidding Phase

S-18

Commencement of bidding through ESS

After getting BSEC’s consent

S-19

Duration of bidding period for EIs

72 hours from the opening of bidding

S-20

Determination of Cut-off price

After completion of bidding period

S-21

Publication of final allotment list on the relevant parties’ websites

Within 3 working days of closure of bidding

S-22

Transfer of subscription proceeds to the Issuer's escrow account

Within 4 working days of closure of bidding

S-23

Refund of excess bid amount to EIs

Within 5 working days of closure of bidding

S-24

Submission of Final Draft prospectus to BSEC and Stock Exchange(s) simultaneously

Within 5 working days of closure of bidding

General Investors Subscription Phase

S-25

Opening of subscription for General Investors

After 10 working days of the publication of prospectus

S-26

Closing of subscription

Within 15 working days of the publication of prospectus

S-27

Reporting of subscription status to BSEC & Stock Exchange(s)

Within 5 working days of closure of subscription

S-28

Notice to underwriters, in case of undersubscription

Within 10 days of closure of subscription

S-29

Deposit of Underwriting Commitment by Underwriters

Within 15 days of notification

S-30

Submission of Proof of Subscription and Fund Deposit to BSEC

Within next 7 days of the expiry period of SL no. 29

Exchange Listing Phase

S-31

Approval of listing by the Stock Exchange

Within maximum period of 30 working days of closure of subscription

S-32

Commencement of trading

As specified in the BSEC consent letter

Pre-submission Phase

S-1

Appointment of Trustee, Issue Manager & Underwriter (where applicable)

Before submission of application

S-2

Preparation of Information Memorandum (IM) and
Supporting Documents

Before submission of application

Application & Submission Phase

S-3

Issuer submits application to BSEC and simultaneously to Stock Exchange(s).

Day 0

Regulatory Compliance Review Phase

S-4

Stock Exchange submits observation

Within 10 days of receiving the application

S-5

BSEC examines the application and may require additional information/documents.

Within 15 working days of receipt of application

S-6

If satisfied with the clarification, BSEC grants consent for Public Issue/Offer.

Within 7 working days or 17 working days of receipt of complete application, respectively for private offer or public issue

S-7

If not satisfied with the clarification, BSEC may reject the application

within 10 working days of receipt of the last correspondence

Post Approval Phase

S-8

Execution and registration of Trust Deed and creation of charges/guarantees (where applicable)

After BSEC’s consent and before issuance

S-9

Upon getting BSEC’s consent, Issuer, Issue Manger and Stock Exchange(s) publishes IM on their own respective websites.

Within time specified in consent letter or within 3 working days of approval

S-10

Notice of IM publication is published in one Bangla and one English national newspaper.

After IM publication on websites

Subscription Phase

S-11

Subscription period

between 5-15 working days after publication for Public Issue; between 30-180 working days after publication for Private Offer.

S-12

Notice to Underwriters in case of under-subscription.

Within 3 working days of subscription closure

S-13

Underwriters subscribe and deposit funds.

Within 7 working days of notice

S-14

Proof of underwriting subscription submitted to BSEC.

Within 3 working days after expiry of underwriting period

S-15

Submission of subscription statement and bank statements to BSEC.

Within 10 days of closing subscription

S-16

Completion of allotment/issuance formalities

After successful subscription

Exchange Listing Phase

S-17

Exchange completes listing procedures and grants listing approval

Within 30 working days from closure of subscription

Pre-Submission Phase

S-1

Registration of Mutual Fund with BSEC

Before submission of application

S-2

Appointment of Sponsor, Trustee, Asset Manager & Custodian

Before submission of application

S-3

Preparation of Trust Deed and Prospectus/ Offer Document

Before submission of application

Application & Submission Phase

S-4

Sponsor submits application for registration to BSEC in Form ‘Ka’ along with prescribed documents and information

Day 0

Regulatory Compliance Review Phase

S-5

BSEC reviews and if finds any deficiencies in accordance with the prescribed form, intimates the applicant

Within 15 working days from the date of receipt of the application

S-6

BSEC allows applicant to rectify the deficiencies

Within 21 working days of receiving the intimation

S-7

BSEC examines all the document and declare its decision

Within 30 working days from the date of receipt of the application

S-8

If any additional information or explanation is sought

aforesaid period of 30 working days shall be counted from the date of receipt of additional information

S-9

If no disqualification is found, BSEC approves the application for registration and register the Mutual Fund

Within above mentioned 30 working days

Public Offering & Subscription Phase

S-10

The public offering of the Mutual Fund shall be completed

within 3 months from the date of registration (unless extended by BSEC)

Exchange Listing Phase

S-11

Application for listing of Mutual Fund units to Stock Exchange(s).

As prescribed by Exchange

S-12

Exchange submits primary recommendation to BSEC

Within 20 days of receipt of offer documents

S-13

Exchange may seek additional information & Applicant needs to submit them

Within 10 days of requirement

S-14

Exchange submits final recommendation

Within 7 days of receiving additional disclosure

S-15

Exchange completes listing procedures

Within 30 working days from closure of subscription