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Intraco Refueling gets BSEC approval to go public

FE Report | Published: January 17, 2018 09:58:58 | Updated: January 18, 2018 15:50:36


The securities regulator Tuesday approved the IPO (initial public offering) proposal of Intraco Refueling Station which will raise a capital worth Tk 300 million under fixed price method.

The company will utilise the IPO fund for LPG bottling and setting up distribution plant along with bearing the IPO cost.

The approval came at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the BSEC approval, the Intraco Refueling Station will float 30 million shares at an offer price of Tk 10 each.

As per the financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) stood at Tk 10.49 per share (without valuation), whereas the weighted average of EPS was Tk 0.67.

The company has 95 per cent shareholding in five subsidiaries. The consolidated NAV of the company and five subsidiaries was Tk 13.87 (without valuation) and weighted average of EPS stood at Tk 1.43 as of June 30, 2017.

At Tuesday's meeting, the securities regulator approved the proposal of non-convertible fully redeemable zero coupon bond worth Tk 1.5 billion to be issued by Envoy Textiles.

The bond will be redeemed fully within five years. The bond will be sold to institutional investors and high net worth individuals through private placement.

On Tuesday, the securities regulator approved the prospectus of Shanta First Income Unit Fund whose initial size will be Tk 200 million. Of Tk 200 million, Tk 20 million will come from sponsors, while remaining Tk 180 million will be collected through sales of unit.

Shanta Asset Management is the sponsor and fund manager of Shanta First Income Unit Fund.

The securities regulator also approved the draft of Bangladesh Securities and Exchange Commission (Risk Based Capital Adequacy) Rules, 2018. The regulator will seek public opinion soon to finalise the rules.

mufazzal.fe@gmail.com

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