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Sea Pearl Beach Resort & Spa Ltd. makes its share trading debut under 'N' category on both the bourses today (Tuesday), officials said.
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 September 17, 2015.
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 Bangladesh Securities and Exchange Commission (BSEC) 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), acquisition of land, and bearing the IPO expenses.
As per un-audited financial reports, the company's profit after tax was Tk 61.06 million and basic EPS of Tk 0.61 for the nine months (July 2018- March 2019) against profit after tax of Tk 39.65 million and basic EPS of Tk 0.67 for the same period of the previous year.
However, Post-IPO EPS would be Tk 0.53 for nine months (July 2018-March 2019) period ending on 31 March 2019.
Pre-IPO net asset value (NAV) per share (considering Pre-IPO paid-up shares) would be Tk 11.09 as on 31 March 2019 and the same would be Tk 10.95 (considering Post-IPO paid-up shares).
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).