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Sea Pearl IPO lottery draw May 23

FE Report | Published: May 09, 2019 10:42:37 | Updated: May 20, 2019 11:11:07


Initial Public Offering (IPO) lottery draw of Sea Pearl Beach Resort & Spa Ltd will be held on May 23 to allocate 15 million ordinary shares among the successful applicants, officials said.

The lottery draw will be held at 10:30am at The AGB Colony Community Centre in Motijheel area of Dhaka.

The results will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company after the lottery draw.

The Sea Pearl Beach Resort raised a fund worth Tk 150 million from the capital market by floating 15 million ordinary shares at a face value of Tk 10 each using the fixed price method.

The subscription for shares of the company by the eligible investors through electronic subscription system was held between April 23 and May 06.

The Sea Pearl Beach (the owner of "Royal Tulip Sea Pearl Beach Resort & Spa in Cox's Bazar") is a luxury hotel in Bangladesh which started commercial operation on 17 September 2015.

The Bangladesh Securities and Exchange Commission approved the IPO proposal of the company on February 19 this year.

The company's pre-IPO paid-up capital is Tk 1.0 billion and authorised capital is Tk 2.0 billion.

The company will use the IPO fund for interior, finishing, furniture & fixture (157 rooms) 71.22 per cent, acquisition of land 17.77 per cent, and bearing the IPO expenses 11.01 per cent.

According to the financial statements ended on June 30, 2018, the company's net asset value (NAV) per share stood at Tk 10.48 while the weighted average (three years) earnings per share (EPS) was Tk 0.41.

Banco Finance and Investment Ltd and Prime Bank Investment Ltd are jointly working as the issue manager for the IPO process.

The principal services of Sea Pearl Beach Resort and Spa Limited are: Rooms and Suites, Food & Beverage.

After completing all procedures, it will be the 5th listed company in the 'Travel & Leisure' sector in the Dhaka Stock Exchange (DSE).

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