Dhaka, Bangladesh (BBN)- The initial public offering (IPO) subscription of Advent Pharma started on Sunday which will raise a capital worth BDT 200 million from the public.
The subscription for shares of the animal health care drugs manufacturer by the eligible investors through electronic subscription system under the fixed price method of the stock exchanges will be started from 10:00am and continued till 5:30pm on February 19, 2018.
The securities regulator approved the Advent Pharma’s IPO proposal on January 2, which will raise BDT 200 million from public through IPO.
Using the fixed-price method, Advent Pharma will float 20 million ordinary shares of BDT 10 each to raise the said amount.
A market lot is 500 shares and an investor needs BDT 5,000 to apply for per lot of the company's IPO.
The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 60.65 or GBP 44.25 or EUR 49.96, according to Dhaka Stock Exchange (DSE).
The company will use the IPO fund for acquisition of machinery and equipments of BDT 81.43 million, construction of building and other civil works BDT 100.07 million and IPO expenses of BDT 18.50 million.
The company’s weighted average earnings per share (EPS) stood at BDT 0.91 as per last four financial statements.
The company has also reported its net asset value (NAV) per share of BDT 12.45 without revaluation, according to financial statement for the year ended on June 30, 2017.
Imperial Capital, Alfa Capital Management and CAPM Advisory are the issue manager of the company’s IPO.
The company’s pre-IPO paid-up capital is BDT 486 million and authorised capital is BDT 1.0 billion.
Advent Pharma is engaged in manufacturing, importing and marketing of animal health care drugs, nutritional supplements and feed additives for livestock like powder, bolus and liquid dosage forms.
The company was incorporated as a private limited company in January, 2007 and subsequently converted into a public limited company in May, 2016.
After completing all procedure, it will be the 29th listed company in the Dhaka bourse under Pharmaceuticals & Chemicals sector which accounted for 15.40 percent of the DSE’s total market capitalisation.
BBN/SSR/SR