BSEC allows two IT companies to raise Tk 100 million

The capital market watchdog has allowed two small information technology companies to collect Tk 100 million by issuing common shares.

Bangladesh Securities and Exchange Commission (BSEC) announced this in a press release on Sunday.

Of the two companies, one is Brain Station 23 PLC, and the other is Doar Services PLC.

Brain Station 23 is involved in software development, web hosting and related services, IT support, and software maintenance services. Established in 2015, it has 700 full-time employees, according to the prospectus.

BSEC allowed Brain Station 23, also one of the largest IT solutions and software exporters of Bangladesh, to issue 5 million shares at Tk 10 each, aiming to collect Tk 50 million as equity through a Qualified Investor Offer (QIO).

Of the funds collected, Brain Station 23 will use Tk 47 million to purchase computers and IT equipment and Tk 3 million to cover the expense of QIO.

From July 23 to September 23, the EPS of Brain Station 23 stood at Tk1.92 and its NAV at Tk19.28.

The issue manager of Brain Station 23 is LankaBangla Investment Limited.

Doar Services PLC, also founded in 2015, engages in software development and training, network planning, design, and implementation. It has 239 full-time employees, according to the company prospectus.

BSEC allowed Doar Services to issue 5 million shares at Tk 10 each to collect Tk 50 million as equity through a Qualified Investor Offer (QIO).    

Of the capital raised, Doar Services PLC will invest Tk 47.5 million in software development and Tk 2.5 million in covering the expenses of QIO.

As of June 2023, the EPS of Doar Services stood at Tk 4.86 and its NAV at Tk 17.85.

The issue manager of Doar Services is Alpha capital Management Limited.

Additionally, according to the press release, BSEC has allowed Dhaka Electric Supply Company (DESCO) to issue 607.69 million irredeemable and non-cumulative preference shares in favour of the power division secretary.

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