eGeneration, one of the leading IT consulting and software solution companies in Bangladesh, will make its share trading debut on February 23 (Tuesday) under the “N” category, officials said.
The Dhaka Stock Exchange (DSE) trading code for eGeneration is “EGEN” and company code is 22652 while the Chittagong Stock Exchange (CSE) scrip ID is 24013 and scrip code is “EGEN”.
The IT consulting company, which raised Tk 150 million from the capital market under the fixed price method, received approval from the Bangladesh Securities and Exchange Commission (BSEC) on October 21, 2020.
The company offloaded 15 million ordinary shares with an offer price of Tk 10 each using the fixed price method. Its initial public offering (IPO) subscription was held between January 12 and January 18 this year.
The company’s IPO was oversubscribed by 40.76 times, as it received Tk 6.11 billion against the public issue of IPO shares worth Tk 150 million, according to the final status. The company’s IPO lottery draw was held on February 7.
The firm will utilise the IPO proceeds for purchasing commercial space for office (Tk 80 million), repaying bank loans (Tk 34 million), developing digital healthcare platform (Tk 18.39 million), and IPO-related expenses (Tk 17.61 million).
eGeneration has planned to invest about Tk 18.39 million of the IPO funds to enhance its IT infrastructure for the development of digital healthcare platform to increase revenue generation.
The IPO will boost eGeneration’s capability to better serve health sector customers with emerging technologies, such as - artificial intelligence, machine learning, big data analysis and block-chain, the company said in its IPO prospectus.
According to the financial statement for the year ending on June 30, 2019, the company’s net asset value (NAV) without revaluation stood at Tk 20.56 per share, while the earnings per share (EPS) stood at Tk 1.82.
The company’s authorised capital is Tk 1.0 billion. Its pre-IPO paid-up capital is Tk 600 million while the post-IPO paid-up capital would be Tk 750 million.
NRB Equity Management Ltd is working as the issue manager of the company’s IPO.
eGeneration started as a private Ltd company in November 2003, and began commercial operations in the same year.