With the participation of institutional investors, the selling price of the company’s shares will be fixed through the bidding process
The Bangladesh Securities and Exchange Commission (BSEC) has approved Energypac Power Generation Limited to assess the cut-off price of its shares by the book building method for raising Tk150 crore from the capital markets through an initial public offering (IPO).
The stock market regulator gave the approval at a commission meeting, presided by its chairman Prof Shibli Rubayat Ul Islam, said a press release on Thursday.
With the participation of institutional investors, the selling price of the company’s shares will be fixed through the bidding process.
The power sector company will use the initial public offering proceeds to expand LPG projects, repay bank loans, and meet IPO expenses.
According to the entity’s audited financial statements for the year ending June 30, 2019, the company’s net asset value per share and weighted average earnings per share were Tk45.15 and Tk30.20 respectively, while the weighted average of earnings per share (EPS) was Tk3.13.
LankaBangla Investment Ltd acts as the issue manager of the company’s IPO.
Energypac Power Generation was founded in 1995 and it has established itself as a major supplier and base load of generators and low voltage electrical accessories.