The Financial Express

Silva Pharma makes debut Oct 10

| Updated: October 09, 2018 10:25:04

Evaly and Fianancial Express Evaly and Fianancial Express
Silva Pharma makes debut Oct 10

Silva Pharmaceuticals will make its share trading debut on the stock exchanges on October 10 (Wednesday) under "N" category, officials said.

The Dhaka Stock Exchange (DSE) trading code for the company is "SILVAPHL" and the company code is 18,493.

Silva Pharma will be the 30th listed company under the 'pharmaceutical & chemicals' sector on the Dhaka bourse. The pharmaceuticals & chemicals sector accounted for 14.40 per cent of the DSE's total market capitalisation.

The Silva Pharma raised a capital worth Tk 300 million by offloading 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 DSE.

The company's IPO was oversubscribed by 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 raised from the public.

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

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

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.

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