Genex Infosys to allocate 20m ordinary shares

Genex Infosys will allocate 20 million ordinary shares among the successful applicants as the company’s IPO lottery draw was held today (Thursday).

The initial public offering (IPO) lottery draw was held at 10:30am at the Institution of Engineers, Bangladesh (IEB) in Dhaka.

The result has already been published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.

Genex Infosys, an IT company, raised a fund worth Tk 200 million from the capital market under the fixed price method by offloading 20 million ordinary shares at an offer price of Tk 10 each.

The IPO subscription of Genex Infosys was opened on November 18 and continued till November 29.

The Bangladesh Securities and Exchange Commission (BSEC) approved the company's IPO proposal on September 4.

The company’s IPO oversubscribed by nearly 36 times as the company received Tk 7.15 billion against IPO issue of Tk 200 million.

The company will utilise the fund to expand call centre business, repay bank loan partially and bear the IPO expenses.

The company’s pre-IPO paid-up capital is Tk 616 million and post-IPO paid-up capital will be Tk 816 million. Its authorised capital is Tk 1.0 billion.

Genex Infosys has a fully-owned (99.99 per cent) subsidiary company. That’s why, the company’s consolidated net asset value (NAV) stood at Tk 13.97 (without revaluation) and weighted average earning per share (EPS) and Tk 2.02 as of June 30, 2017.

The Imperial Capital is working as the issue manager of the IPO.

Currently, eight IT companies are listed with the Dhaka bourse and the IT sector accounts for less than 1.0 per cent of the DSE’s total market capitalisation.

Genex Infosys, the largest call centre operator in Bangladesh, has acquired Green and Red Technologies (G&R), the country’s leading online advertising marketplace, to diversify and grow into a major ICT company, according to the official website.

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