Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) of The ACME Laboratories to raise Tk409.60 crore.
The approval came at a commission meeting chaired by Professor M Khairul Hossain, chairman of the stock market regulator. The meeting was held yesterday.
As per the approval, the country’s oldest pharmaceutical company, Acme, will float five core ordinary shares of Tk10 each, using book-building method.
Of the total shares, 50% or 2.5 crore will be offered to eligible institutional investors and 10% or 50 lakh to mutual funds at an offer price of Tk85.20 each including a premium of Tk75.20.
The rest 40% or two crore shares will be offered to general investors, affected small investors and Non-Resident Bangladeshi (NRB) investors at an offer price of Tk77. The price has been set with a cut-off method.
According to the financial statement as of June 30, 2015, the earning per share (EPS) of the company is Tk5.70 and the net asset value (NAV) is Tk70.37 per share.
The IPO proceeding will be used to establish three new projects and to bear expenses of the offering process.
ICB Capital Management Limited will act as the issue manager while Prime Capital Management Limited will act as registrar to the issue.
The commission also approved the audit report asset valuation report of First ICB Mutual Fund to convert it from close-end to open-end mutual fund.
As per the audit report, the net asset value of the fund stood at over Tk140.74 crore while the net asset vale per unit is Tk1876.62.
