BSEC approves Silva Pharma IPO

FE Report | Published: June 12, 2018 10:50:34 | Updated: June 13, 2018 10:44:08


The securities regulator has approved the IPO (initial public offering) proposal of Silva Pharmaceuticals Limited under the fixed price method.

The approval came on Monday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

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The company will raise a capital worth Tk 300 million by offloading 30 million ordinary shares at an offer price of Tk 10 each.

The pharmaceutical company will purchase machineries, construct building, repay bank loans and bear the IPO expenses with the fund.

The Silva Pharmaceuticals reported net asset value (NAV) of Tk 16.48 per share, (without revaluation)), weighted average of EPS worth Tk 1.03 as per the financial statement for the year ended on June 30, 2017.

Prime Finance Capital Management, Imperial Capital and SBL Capital Management are working as managers to the issue.

The company's products, among others, are- Timem, Duet, Omesil, Macrozith, Cipronil, Spuramix and Probac.

At the meeting, the BSEC has also approved a fresh draft of the Securities and Exchange Commission (Over-the-Counter) Rules, 2001 bringing some changes in the existing rules. The regulator will seek public opinion on the draft rules soon.

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