Indo-Bangla Pharmaceuticals has again revised the schedule of IPO (initial public offering) subscription.
As per the revised schedule, the company’s public subscription will start on August 9 and end on August 16, 2018.
As per the previous revised schedule, the company’s IPO subscription was supposed to be completed during July 22 to July 26.
The company officials said they have revised the schedule for the second time following the instruction of the securities regulator.
“We have changed the schedule for the second time as another two companies are scheduled to complete the IPO subscription in July,” said the company secretary of Indo-Bangla Pharmaceuticals.
The company was scheduled to complete the IPO subscription in April this year.
But then the subscription was suspended following a stay order issued by the High Court (HC).
Later, the company was allowed to conduct IPO subscription as the HC withdrew its stay order.
And the company fixed subscription period during July 22 to July 26, 2016.
Finally, this schedule has also been revised as another two companies are scheduled to complete IPO subscription in July, 2018.
The Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal on October 3, 2017.
As per the BSEC approval, Indo-Bangla Pharmaceuticals will raise a fund worth Tk 200 million by issuing 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
A market lot consists of 500 shares of Indo-Bangla Pharmaceuticals.
The company will utilise 29.29 per cent of the IPO proceeds for construction and other civil works, 62.36 per cent for purchasing machineries and 8.35 per cent for bearing IPO expenses, according to the IPO prospectus.
As per the financial statement for the year ended on June 30, 2016, the company's net asset value (NAV) per share and earnings per share (EPS) are Tk 11.63 and Tk 2.62 respectively.
The company’s pre-IPO paid-up capital is Tk 730 million and authorised capital is Tk 1.0 billion.
AFC Capital, EBL Investments and CAPM Advisory are working together as issue manager of the IPO.
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