Brain Station 23 PLC QIO subscription begins Sept 21

Brain Station 23 PLC, a software company, will raise Tk 50 million from the SME market through a qualified investors offer (QIO) to procure computers and IT equipment to facilitate business expansion.

Share subscription of the software company will begin September 1 and continue until September 5 under the fixed price method through the Electronic Subscription System (ESS) of the stock exchanges, according to a disclosure on Tuesday.

Only qualified investors are allowed to submit applications for the company’s shares through the electronic subscription system.

Individual investors shall also submit applications that will maintain a minimum investment of Tk 3 million in the secondary as of August 21.

The Central Depository Bangladesh Limited (CDBL) shall send a report to the exchange regarding the holding of QIs in the listed securities. The exchange shall ensure compliance in this regard.

Brain Station developed the first in-country mobile app, City Touch, a digital banking platform of City Bank, in 2017.

On June 9 this year, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise the said amount through qualified investors’ offers.

As per the regulatory approval, the IT firm will issue 5 million ordinary shares at a face value of Tk 10 each under the fixed price method.

Brain Station 23 is one of the largest IT solutions and software exporters in Bangladesh.  The company with 17 years of experience since its inception in 2006 serves over 300 global and domestic clients across diverse industries.

The principal activities of Brain Station 23 PLC are to provide IT Enabled Services. It is involved in software development, Software or application customisation, web hosting and related services, IT support, and software maintenance services.

Currently, 20 companies are listed with the DSE SME Platform.

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