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BSEC approves Advent Pharma's prospectus

  • Published at 10:07 pm January 2nd, 2018
BSEC approves Advent Pharma's prospectus
The Bangladesh Securities and Exchange Commission (BSEC) has approved the Initial Public Offering (IPO) prospectus of Advent Pharma Limited to raise Tk20 crore from the public. The approval came at a meeting of the stock market regulator yesterday, according to a statement of the BSEC. BSEC Chairman Prof M Khairul Hossain presided over the meeting. As per the approval, using fixed price method, the company will offload 2 crore ordinary shares at the offer price of Tk10. IPO proceeds will be used for acquisition of machinery and equipment, construction of building, other civil works and for IPO expenses. Imperial Capital Limited, Alpha Capital Management Limited and CAPM Advisory Limited will act as issue managers for the IPO process. Advent Pharma is engaged in manufacturing, import and marketing of veterinary drugs, nutritional supplements and feed additives for livestock. As of June 30, 2017, Net Asset Value (NAV) per share of Advent Pharma stood at Tk12.45 (without revaluation), while its average Earning Per Share (EPS) based on financial statements of the last four fiscal years is Tk0.91. In the meeting, the BSEC also decided to fine stock investors Md Abdullah Siddiqi and Md Moazzem Hossain Sikdar Tk2 lakh each for violating the Securities and Exchange Commission Ordinance, 1969 by manipulating the stock prices of CVO Petro Chemical Refinery Limited. It also fined PFI Securities Tk5 lakh for breaching the margin loan rule by providing credits to buy non-marginable stocks.