2024-04-02 01:51:16
Drug manufacturing company Techno Drugs Limited is coming to the capital market through the book building method of the Initial Public Offer (IPO) process. Following this, the company’s bidding (auction) date has been fixed. Bidding for the company will start from 4 PM on April 21 (Sunday). The bidding process will continue on April 24 (Wednesday) till 4 PM.
On Monday (April 1), Dhaka and Chittagong Stock Exchange (DSE-CSE) informed this information.
Earlier on March 7 this year, the capital market regulatory body Bangladesh Securities and Exchange Commission (BSEC) allowed Techno Drugs Limited to IPO.
Techno Drugs will raise Tk 100 crore from capital market through IPO. The company will spend the money raised on purchase of new machinery, BMRE (Narsingdi factory), building construction (Gazipur factory), partial debt repayment and issue management expenses.
According to the company’s audited financial statements for the financial year ended June 30, 2023, the company’s net asset value per share (NAVPS) including revaluation is Tk 27.74, without revaluation which is Tk 22.57. At this time, the company’s earnings per share (EPS) is Tk 2.08. Earnings per share at weighted average rate of last 5 years is Rs.3.25.
Techno will issue shares to general investors at a discount of 30 percent from the cut-off price of drugs or Rs.20, whichever is lower.
Imperial Capital Limited and EBL Investments Limited are managing the issue of the company. The company cannot declare, authorize or distribute any dividend before listing in the capital market.
Earlier, on October 14, 2023, Techno Drugs organized a road show as part of the capital market listing process at a hotel in the capital. Eligible investors and stakeholders are invited. The company’s financial picture and future plans were presented in front of them.