The company raised Tk150.0 million through IPO
The Sea Pearl Beach Resort and Spa Ltd (owners of Hotel Royal Tulip Sea Pearl Beach Resort in Cox's Bazar) will make its debut share trading on Tuesday on the both stock exchanges under ‘N’ category.
The company raised Tk150.0 million through IPO and of the fund, Tk106.8 million (71.2%) will be utilized for interior, finishing, furniture and fixture, Tk26.7 million (17.8%) for land acquisition and Tk16.5 million (11.0%) for paying IPO expenses.
After completing all procedures, it will be the 5th listed company in the 'Travel and Leisure' sector in the Dhaka Stock Exchange (DSE).
The Sea Pearl Beach is a luxury hotel in Bangladesh which started commercial operation on September 17, 2015.
On February 19 this year, the Bangladesh Securities and Exchange Commission approved the IPO proposal of the company.
As per the BSEC approval — under the fixed price method — Sea Pearl Beach Resort offloaded 15 million ordinary shares for Tk10 each.
According to the latest financial statement submitted on June 30, 2018, the company's net asset value (NAV) per share stood at Tk10.48, while the weighted average of earnings per share (EPS) was Tk0.41.
Banco Finance and Investment Limited and Prime Bank Investment Limited will act as the issue manager for the IPO process.