Dhaka, Bangladesh (BBN)-The public subscription of Information Technology Consultants Ltd (ITCL) started on Monday to raise a fund of BDT 120 million from the public, officials said.
The Initial Public Offering (IPO) subscription of the ATM service provider will continue till November 12 for resident and non-resident Bangladeshis (NRBs).
The IT company set to float 12 million ordinary shares at an offer price of BDT 10 each and raise BDT 120 million from the public.
The company will use the IPO funds for expansion of business, repayment of bank loans along with bearing the expenses of IPO proceedings.
As per the audited financial statement for the year ended on June 30, 2014, the company’s earnings per share (EPS) and net asset value (NAV) are BDT 1.04 and BDT 18.28 respectively.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the IT consultants on September 22, this year.
Established in 2000, the company provides to major banks, financial institutions, government organisations and retailers with an advanced infrastructure for transaction processing services while operating one of the largest banks driven independent ATM network in Bangladesh, according to company’s website.