Silva Pharma IPO lottery draw Thursday

Indo-Bangla Pharma lottery set for draw on Sept 12


FE Report | Published: August 27, 2018 10:39:30 | Updated: August 28, 2018 12:18:46


The initial public offering (IPO) lottery draw of Silva Pharmaceuticals would be held on Thursday (August 30), officials said.

The event will be held at 10:30 am at the auditorium of the Institution of Engineers Bangladesh (IEB) in Dhaka.

After the lottery draw, results will be published on the websites of Dhaka and Chittagong stock exchanges, the issue managers and the company.

The Silva Pharma raised capital worth Tk 300 million by issuing 30 million ordinary shares at an offer price of Tk 10 each under the fixed price method.

The IPO subscription of the company was opened on July 29. It continued until August 05, according to the Dhaka Stock Exchange (DSE).

The company's IPO was oversubscribed more than 25 times as the company received about Tk 7.73 billion against the IPO issue of Tk 300 million.

The securities regulator Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on June 11.

The pharmaceutical company will purchase machinery, construct building, repay bank loans and bear the IPO expenses with the fund to be raised from the public.

The company reported net asset value (NAV) of Tk 16.48 per share, (without revaluation)), weighted average EPS worth Tk 1.03 as per the financial statement for the year ended on June 30, 2017.

The company is engaged in manufacturing and marketing of products in the categories of antibiotics, analgesics, anti diabetics, narcotics, anti-pyretic, etc, mainly for the local market, according to the IPO prospectus.

Prime Finance Capital Management, Imperial Capital and SBL Capital Management are working as managers to the issue.

Indo-Bangla Pharma: Indo-Bangla Pharmaceuticals will hold its IPO lottery draw on September 12.

The IPO subscription of the company by the eligible investors through electronic subscription system under the fixed price method was held between August 09 and August 16.

The securities regulator approved the company's IPO proposal on October 3, 2017.

The Indo-Bangla Pharma raised Tk 200 million by issuing 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.

The company will utilise 29.29 per cent of the IPO proceeds for construction and other civil work, 62.36 per cent for purchasing machinery 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 managers of the IPO.

The company is engaged in manufacturing and selling of all kinds of medicine (excluding antibiotic), medical preparations drugs and chemicals (human health).

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