The Bangladesh Securities and Exchange Commission (BSEC) on Monday approved an Tk30 crore Initial Public Offering (IPO) prospectus by Silva Pharmaceuticals Limited (SPL).
The company will offload 30 million ordinary shares at a fixed price of Tk10 each under the IPO, which was cleared at a commission meeting presided over by BSEC chairman M Khairul Hossain.
According to the financial statement ended on June 30, 2017, Silva Pharmaceuticals’ Net Asset Value (NAV) per share stood at Tk16.48 without revaluation, whereas the weighted average of Earning per Share (EPS) was at Tk1.03.
The company will utilize the proceeds from the IPO to repay bank loans, purchase capital machinery and bear IPO expenses.
Prime Finance Capital Management Limited, Imperial Capital Limited, and SBL Capital Management Limited will act as the issue managers for the IPO process.
Silva Pharmaceuticals began commercial operations on July 1, 2003 and is based at Maijdee Court in Noakhali.
The company produces vitamins, minerals and drugs including antibiotics, anti-inflammatories and antihistamines, for sale mainly in local markets.
Separately at Monday’s meeting, BSEC cancelled the Securities and Exchange Commission (Over-the-Counter) Rules 2001.
A new draft of the act will now be published in national daily newspapers in order to garner public opinion before it receives final approval.