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The Financial Express

Navana Pharma holds IPO show for raising Tk 750m

| Updated: December 23, 2021 15:48:27


Navana Pharma holds IPO show for raising Tk 750m

Navana Pharmaceuticals Ltd, one of the leading drug makers in the country, held a road show for raising Tk 750 million from the capital market through IPO under the book-building method.

The company will expand its business with the initial public offerings proceeds.

The road show was held at a city hotel at 7:00 pm on Tuesday, where eligible institutional investors got detailed information about various aspects of the company.

A road show is a requirement under the book building regulations before the price discovery of a company’s shares.

The book building is a process through which an issuer attempts to determine the price to offer for its security based on demand from institutional investors.

Anisuzzaman Chowdhury, chairman of Navana Pharmaceuticals, Prof Dr Md Jonaid Shafiq, managing director of the company, issue managers and a good number of eligible investors were present at the road show, among others.

Mr Anisuzzaman Chowdhury said Navana Pharmaceuticals has been manufacturing quality products since its incorporation 30 years back and now the company is standing in a strong position.

“Since 1992, Navana Pharmaceuticals has continuously expanded its business through new ideas, innovations and quality products,” he said.

Mr Chowdhury also informed that the company’s net profit after tax stood at Tk 200 million for the year ended on June 30, 2021.

EBL Investments Ltd, UCB Investment Ltd and Asian Tiger Capital Partners Investment Ltd are working as issue managers, while AFC Capital Ltd is working as the registrar for Navana Pharma’s IPO process.

Navana Pharmaceuticals operates its business under two divisions: veterinary and human health divisions.

The veterinary division of the company manufactures and markets more than 123 high-quality medicines and feed supplements for different segments including poultry, dairy, and aqua products.

On the other hand, the human health division produces more than 277 drugs- tablets, capsules, oral liquids, ampoules, dry powder vials, powder for suspension, eye drops, creams & ointments, etc.

The company sells these products in the domestic and international markets. It exports to 15 countries and has around 3,000 employees.

The factory of the drugmaker is situated at Rupshi, Rupganj, Narayanganj.

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