2024-03-06 10:00:19
Asiatic Laboratories Limited, which has raised money from the capital market through an Initial Public Offer (IPO), has started trading. Pharmaceutical and chemical sector companies are trading in ‘N’ category in both stock exchanges of the country. The company started trading at Rs.
On Wednesday (March 6), the Dhaka and Chittagong Stock Exchange (DSE-CSE) informed this information.
The company’s trading code on DSE and CSE is ‘ASIATICLAB’. And the company code is 18498. The company’s trading code on DSE is 18498. Company script code 18013 in CSE.
The company will be involved in ‘Pharmaceuticals & Chemicals’ sector. Earlier on February 22, shares of the company’s IPO at DSE Tower (Nikunj-2) were allotted to general investors. 394 crores 71 lakhs 4 thousand 700 applications were received for the investors of the company against a total of Rs 95 crores, which is 4.16 times against each share. As a result, resident Bangladeshi investors got 86 shares and non-resident Bangladeshi investors got 143 shares against every application of Tk 10,000.
Prior to this, on February 4, Asiatic Laboratories’ IPO application submission began. Acceptance of this application lasts until February 8.
On January 15 last year, BSEC suspended the subscription process due to questions raised over the valuation of assets of companies in the pharmaceutical and chemical sector. Later, after considering the overall aspect, it was decided to withdraw the discussion suspension in the 889th commission meeting of BSEC on November 28 last year.
Earlier, in the 837th commission meeting of BSEC, the IPO of Asiatic Laboratories’ book building system was approved. The company will collect capital of Tk 95 crore from the stock market through IPO. For this reason, the period of public subscription was fixed from 16 to 22 January last year. Bidding was held to determine the cut-off price (limit price) of the company’s shares from October 10 to 13 of that year. The Eligible Investors (EI) threshold price for the company’s shares in the bidding was set at Rs.50. The BSEC stipulated that shares should be issued to general investors at a price of 30 percent or Rs 20, whichever is lower than the threshold price.
The company will spend the money raised through the IPO on business expansion, construction of production buildings, repayment of bank loans and issue management expenses. Shahjalal Equity Management Limited has handled the issue management of the company.