BSEC allows ADN Telecom to explore cut-off price for IPO

FE Online Report | Published: August 14, 2018 19:20:13 | Updated: August 29, 2018 21:28:51

The securities regulator has allowed ADN Telecom to determine its cut-off price for going public under the book building method.

The regulator has given its consent at a meeting held on Tuesday at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the regulatory approval, ADN Telecom will raise a capital worth Tk 570 million under the book building method.

The company will utilise the IPO (initial public offering) fund to develop infrastructures, establish data centre, repay bank loans, and bear IPO expense.

As per the financial statement for the year ended on June 30, 2017 the net asset value (NAV) per share is Tk 16.13. The basic EPS (earnings per share) EPS and adjusted EPS are Tk 2.52 and Tk 2.36 respectively.

The weighted average EPS was Tk 1.81.

ICB Capital Management is working as issue manager of ADN Telecom.

Earlier, in October, 2017 the company held IPO road show as part of going public under book building method.

ADN Telecom is one of the leading IT and telecommunication service provider in Bangladesh offering a wide range of data, voice, and internet services to its local and international clients.

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