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Borak Real Estate Limited held a roadshow on Wednesday (Oct 18) at the city’s Sheraton Hotel for the price determination of its initial public offering (IPO), according to a press release.
Founded in 1991, the company transformed into a public limited company on August 28, 2010.
Borak Real Estate Limited's primary business includes construction, sale, and leasing of luxurious residential and commercial buildings, as well as hotel operations. It is one of the largest real estate companies in Bangladesh, adds the release.
The company has constructed many modern buildings in various locations across the country, including The Westin (24-storey) in Dhaka’s Gulshan, Unique Trade Center (20-storey) in Panthapath, Red Crescent Borak Tower (20-storey) in Eskaton.
In the city’s Kawran Bazar, it has built Borak Jahir Tower, a commercial building with four basements, and in Banani, a 20-story commercial building, Borak Mehnur, including five basements, among many others.
Among the ongoing projects, the company is constructing a 21-story commercial building called Borak Acropolis in Gulshan, with six basements. It is also undertaking the construction of a proposed 7-star hotel, South Park, which will be a 24-story building, with eight basements, in South Park.
To finance these projects and partially repay loans, the company intends to raise BDT 4 billion (BDT 400 crore) by issuing shares through the book-building method.
BMSL Investment Limited and Swadesh Investment Management Limited are working as joint issue managers for the IPO, while Imperial Capital Limited is acting as the registrar to the issue.
Huda Bhasi Chowdhury and Co, Chartered Accountants, is overseeing the company's statutory audit, and Hossain Yunos and Co, Chartered Accountants, is responsible for the valuation of fixed assets.