2024-05-09 18:16:09
The initial public offer (IPO) application and subscription date has been fixed in the book building system of the country’s leading drug manufacturing and exporting company, Techno Drugs Limited, which is in the process of listing in the capital market. The company’s IPO applications will be accepted from June 9. The application will be accepted till June 13.
This information was revealed by the company source on Thursday (May 9).
Earlier, the bidding (auction) of the company was held on April 21 last from 4 pm to April 24. The cut-off price (marginal price) of Techno Drugs has been fixed at Tk 34 in the bidding. However, in the IPO application, the investors will get 30 percent less i.e. ordinary shares at 24 rupees. In this bidding, 143 institutional investors offered a maximum bid of 34 rupees. And one person offers a minimum bid of 15 rupees.
Before that, on March 7, Techno Drugs Limited got permission to withdraw 100 crores from the stock market through IPO. Through the IPO, Techno Drugs will issue common shares at a 30 percent discount to the cut-off price. Through this the company will withdraw 100 crore rupees.
21 crore 25 lakh has been allotted out of 100 crores for eligible investors in the bidding of the company. Eligible investors can bid a maximum of Tk 42,50,000 and a minimum of Tk 20,000,000 in the auction to get shares of this amount.
According to the audited financial statements of Techno Drugs 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 Tk 22.57. At that time, the company’s earnings per share (EPS) was Tk 2.08. And the last 5 years weighted average EPS is Rs.3.25.
The proceeds from the IPO will be used by the company for purchase of new machinery, BMRE (Narsingdi factory), building construction (Gazipur factory), partial debt repayment and issue management expenses.
Imperial Capital Limited and EBL Investments Limited are managing the issue of the company. Before listing in the capital market
This company cannot declare, approve or distribute any kind of dividend.
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.