Loading...
The Financial Express
Swasti Lankabangla Swasti Lankabangla

Mir Akhter’s share bidding to open Sept 27

The company to raise Tk 1.25b from the capital market


| Updated: September 22, 2020 09:50:23


Mir Akhter’s share bidding to open Sept 27

The bidding for eligible investors (EIs) to discover the cut-off price of shares of Mir Akhter Hossain Ltd, a construction company, will commence from September 27.

The construction and engineering company’s share bidding through the electronic subscription system (ESS) of the exchanges will be continued until 5:00pm on September 30, according to an official disclosure on Wednesday.

The valuation report submission period for eligible investors through the electronic subscription system will start at 10:30am on October 1 and continue till 10:30am on October 5 (round the clock).

Only the eligible investors can participate to explore the cut-off price of the company’s shares under the electronic bidding process.

Each eligible investor who intends to participate in the electronic bidding for the company’s shares shall maintain a minimum investment of Tk 10 million in listed securities as at the end of September 17 as per the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015.

The minimum tick size (minimum bidding value) for bidding shall be Tk 5.0 million which in accordance with the BSEC consent letter to Mir Akhter Hossain dated August 23, according to the disclosure.

The stock market regulator allowed Mir Akhter Hossain to explore its cut-off price on August 13 - a requirement for going public under the book building method.

As per the regulatory approval, the power generation company will raise a capital worth Tk 1.25 billion from the capital market for expanding its business.

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

The eligible investors will get 50 per cent shares at the cut-off price which will be set through electronic bidding.

The remaining 50 per cent shares will be opened to the IPO participants, including general investors and non-resident Bangladeshis, at a 10 per cent discount on the cut-off price, according to the book-building method.

The company will use the amount to buy machineries, repay bank loans and expenses for the IPO process.

As per the audited financial statement, as of June 30, 2019, the company’s earnings per share was Tk 6.32, net asset value per share Tk 34.71, including re-evaluated reserve and Tk 33.63 excluding re-evaluated reserve.

Besides, the company’s weighted average earnings per share was Tk 6.21.

IDLC Investments is the issue manager for the company’s IPO.

Mir Akhter Hossain Ltd has over fifty years of experience with a proven track record in the construction industry of Bangladesh.

babulfexpress@gmail.com

sepnil-desktop-ad-the-financial-express sepnil-mobile-ad-the-financial-express

Share if you like