• Monday, Sep 28, 2020
  • Last Update : 08:43 am

Mir Akhter gets nod to discover IPO cut-off price

  • Published at 07:12 pm August 13th, 2020
Mir Akhter Hossain Ltd logo

With the participation of institutional investors, the selling price of the company’s shares will be fixed through bidding process

The Bangladesh Securities and Exchange Commission (BSEC) has approved a proposal to discover cut-off price of Mir Akhter Hossain Limited’s shares through book building method for raising Tk125 crore from the capital market through an initial public offering (IPO).

The stock market regulator gave the approval at a commission meeting, presided over by its chairman Prof Shibli Rubayat Ul Islam, says a press release.

With the participation of institutional investors, the selling price of the company’s shares will be fixed through bidding process.

Of the planned proceeds, Tk49 crore will be used to buy equipment, Tk12 crore to construct a building adjacent to its main building, Tk10 crore for two plants, Tk10.5 crore to build a warehouse and workshop, Tk40 crore to repay bank loans and the rest for IPO expenses. 

According to the entity’s audited financial statements for the year ending on June 30, 2019, the company’s net asset value per share and weighted average earnings per share were Tk34.71 and Tk3.32 respectively, while the weighted average of earnings per share (EPS) was Tk6.21.

IDLC Investments acts as the issue manager of the company’s IPO.

Mir Akhter Hossain Ltd (Mir Akhter) started its journey in the field of Construction Industry in 1968.

The BSEC also approved the rights share proposal of Pragati Life Insurance Ltd. The company will raise Tk23 crore by issuing 15.31 crore right shares.

Shareholders will get one share against each share (Tk 10) with Tk 5 premium . Thus, the ratio will be 1R:1. LankaBangla Finance is the issue manager of Pragati.

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