2024-03-07 15:21:09
Techno Drugs Limited has received approval to raise Tk 100 crore from the capital market through an initial public offering (IPO) in the bookbuilding method.
The IPON of the company was approved at the 902nd commission meeting of Bangladesh Securities and Exchange Commission (BSEC) on Thursday (March 7).
BSEC executive director and spokesperson Mohammad Rezaul Karim signed this information in a press release.
According to the notification, Techno Drugs will issue common shares at a discount of 30 per cent at the cut-off price through the IPO. Through this the company will collect 100 crore rupees.
The money raised 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.
According to the 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 profit per share (EPS) is Tk 2.08. Earnings per share at weighted average rate of last 5 years is Rs.3.25.
Imperial Capital Limited and EBL Investments Limited are managing the issue of the company.
Note that the company will not be able to declare, approve or distribute any dividend before listing in the capital market.