Dhaka, Bangladesh (BBN) – The initial public offering (IPO) subscription of Intraco Refueling Station began today aiming to raise BDT 300 million from public under the fixed-price method.
The IPO subscription of the company will remain open till March 27 for resident and non-resident Bangladeshis.
The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) – approved the IPO proposal of the company on January 16.
The company will float 30 million ordinary shares at an issue price of BDT 10 each.
A market lot is 500 shares and an investor needs BDT 5,000 to apply for per lot IPO.
The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company is US$ 60.46 or GBP 43.22 or EUR 48.99, according to Dhaka Stock Exchange (DSE).
The company will utilise the IPO fund for LPG bottling and setting up distribution plant along with bearing the IPO cost.
As per the entity’s consolidated financial statement (including its five subsidiary companies) for the year ended on June 30, 2017, earnings per share and net asset value per share were BDT 1.43 and BDT 13.87 respectively.
The company has 95 percent shareholding in five subsidiaries.
AFC Capital Limited and Asian Tiger Capital Partners Investment are working as the issue managers of the company’s IPO.
The principal service of the company is selling gas through CNG re-fueling stations. IRSL is selling Compressed Natural Gas (CNG) from its CNG re-fueling stations.