The Financial Express

Sea Pearl Beach holds IPO lottery draw

The company to allocate 15m shares

| Updated: May 26, 2019 11:22:48

Sea Pearl Beach holds IPO lottery draw

The Sea Pearl Beach Resort & Spa Ltd held its initial public offering (IPO) lottery draw on Thursday to allocate 15 million shares among general investors.

The lottery draw was held at the AGB Colony Auditorium at Motijheel in the city.

The lottery results were published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.

The Sea Pearl Beach Resort raised a fund worth Tk 150 million from the capital market by offering 15 million ordinary shares at a face value of Tk 10 each under the fixed-price method.

The Sea Pearl Beach, the owner of Royal Tulip Sea Pearl Beach Resort & Spa in Cox's Bazar, is a five-star resort & hotel. It started commercial operation on September 17, 2015.

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on February 19 this year.

The company's pre-IPO paid-up capital is Tk 1.0 billion and the authorised capital is Tk 2.0 billion.

The company will utilise the IPO fund for interior, finishing, furniture & fixture (157 rooms), acquisition of land and the IPO expenses.

According to the financial statements ended on June 30, 2018, the company's net asset value (NAV) per share stood at Tk 10.48 while the weighted average (three years) earnings per share (EPS) was Tk 0.41.

Banco Finance and Investment Ltd. and Prime Bank Investment Ltd. are jointly working as the issue manager for the IPO process.

The principal services of Sea Pearl Beach Resort and Spa Limited are rooms and suites and food and beverage.

After all procedures are completed, it will be the 5th listed company in the 'Travel & Leisure' sector on the prime bourse.

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