IPO subscription of Advent Pharma closes tomorrow

The IPO (initial public offering) subscription of Advent Pharma will close tomorrow (Monday).

The company opened its IPO subscription on February 11.

The Bangladesh Securities & Exchange Commission (BSEC) approved the IPO proposal of Advent Pharma on January 2 last.

As per the regulatory approval, the company will raise a capital worth Tk 200 million under the fixed price method.

The company will float 20 million ordinary shares of Tk 10 each to raise the said amount.

A market lot is 500 shares and an investor needs Tk 5,000 to apply for per lot of the company's IPO.

The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 60.65 or GBP 44.25 or EUR 49.96, according to Dhaka Stock Exchange (DSE).

The company will use the IPO fund for acquisition of machinery and equipments of Tk 81.43 million, construction of building and other civil works Tk 100.07 million and IPO-related expenses of Tk 18.50 million.

The company's weighted average earnings per share (EPS) stood at Tk 0.91 as per last four financial statements.

The company has also reported its net asset value (NAV) per share of Tk 12.45 without revaluation, according to financial statement for the year ended on June 30, 2017.

Imperial Capital, Alfa Capital Management and CAPM Advisory are the issue managers of the company's IPO.

The company's pre-IPO paid-up capital is Tk 486 million and authorised capital is Tk 1.0 billion.

Advent Pharma is engaged in manufacturing, importing and marketing of animal health care drugs, nutritional supplements and feed additives for livestock like powder, bolus and liquid dosage forms.

The company was incorporated as a private limited company in January, 2007 and subsequently converted into a public limited company in May, 2016.

After completing all procedure, it will be the 29th listed company in the Dhaka bourse under Pharmaceuticals & Chemicals sector which accounted for 15.40 per cent of the DSE's total market capitalisation.

Meanwhile, investors subscribed the entire initial subscription money of Shanta First Income Fund on the first subscription date (February 14), said a statement.

Shanta Asset Management Limited declared the commencement of the subscription opening for its newly launched open-ended fund named Shanta First Income Fund with the initial value of BDT 200 million.

Of this total fund, BDT 20 million was allocated for sponsors, while the rest of BDT 180 million was assigned for general investors. Face value of the per unit is BDT 10.

Shanta Asset Management Limited is both the asset manager and sponsor of Shanta First Income Fund. In addition to that, Bangladesh General Insurance Company (BGIC) is the trustee of the fund while, BRAC Bank is the custodian of the fund.

Md Emran Hasan, CEO of Shanta Asset thanked all stakeholders and investors for showing strong faith in Shanta Asset Management Limited. Mr. Hasan also states that Shanta Asset Management Limited endeavors to maintain this trust through ethical and stringent fund governance. "In Shanta Asset Management Limited, we take each and every step to maximize investors' wealth through experienced and diligent fund management team, lowest formation cost and stringent risk management strategies", he also added.

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