Dhaka, Bangladesh (BBN) – The initial public offering (IPO) subscription of Genex Infosys began from Sunday, officials said.

Genex Infosys, the IT sector company, will raise a fund worth BDT 200 million from the capital market under fixed price method.

The company’s IPO subscription by the eligible investors through electronic subscription system will be continued till 5:30pm on November 29.

The securities regulator – Bangladesh Securities and Exchange Commission (BSEC, approved the company’s IPO proposal on September 04.

As per the securities regulator’s approval, Genex Infosys will offload 20 million ordinary shares at an offer price of BDT 10 each under the fixed price method.

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$ 60.17 or GBP 46.46 or EUR 52.74, according to Dhaka Stock Exchange (DSE).

The company will utilise the fund to expand call centre business, repay bank loan partially and bear the IPO expenses.

The company’s pre-IPO paid-up capital is BDT 616 million and post-IPO paid-up capital will be BDT 816 million. Its authorised capital is BDT 1.0 billion.

As per financial statement for the year ended on June 30, 2017, the company’s weighted average of EPS (earnings per share) is BDT 1.89, while the net asset value (NAV) per share BDT 13.96, without revaluation.

Genex Infosys has a fully-owned (99.99 percent) subsidiary company. That’s why, the company’s consolidated NAV and weighted EPS of Genex Infosys stood at BDT 13.97 without revaluation, and BDT 2.02 respectively as of June 30, 2017.

Imperial Capital is working as the issue manager of the IPO.

Genex Infosys, the largest call centre operator in Bangladesh, has acquired Green and Red Technologies (G&R), the country’s leading online advertising marketplace, to diversify and grow into a major ICT company, according to the official website.