IPO subscription of Silco Pharma to begin March 07
The company to raise Tk 300m through IPO
Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
The initial public offering (IPO) subscription of Silco Pharmaceuticals is set to begin on March 07 which will raise a fund worth Tk 300 million from the capital market.
The public subscription will be continued to till March 19.
The securities regulator –Bangladesh Securities and Exchange Commission (BSEC)—approved the Silco Pharmaceutical’s application to raise Tk 300 million from public on December 20, 2018.
Using the fixed-price method, Silco Pharmaceuticals will float 30 million ordinary shares of Tk 10 each, according to the BSEC approval.
As of June 2017, five financial years’ weighted average earnings-per share (EPS) of the company stood at Tk 1.46 and net asset value (NAV) per share 25.41.
The company will utilise the IPO proceeds to construct factory building, purchase machinery and delivery van and bear the IPO expenses, according to the BSEC statement.
City Bank Capital Resources, EBL Investments and Citizen Securities & Investment are jointly working as issue managers of the company's IPO.
Located in Sylhet, Silco Pharmaceuticals, is one of the fastest growing pharmaceutical companies in Bangladesh since 1997 and is now on its way to becoming a high-performance global player, according to its official website.
The company started its journey with 10 products. Now, it manufactures 108 products. In each year, Silco Pharma is introducing more than 10-20 new products.
After completing all formalities, Silco Pharmaceuticals will be the 32nd listed company under the 'Pharmaceutical & Chemicals' sector in the DSE. The Pharmaceutical & Chemicals' sector accounts for 15.50 per cent of the DSE's total market capitalisation.