• Thursday, Dec 03, 2020
  • Last Update : 01:37 am

Index Agro share bidding begins Sunday

  • Published at 09:37 pm October 31st, 2020
Index Agro Industries Ltd

Only institutional investors can participate in exploring the cut-off price

The bidding for eligible investors (EIs) to discover the cut-off price of shares of Index Agro Industries Limited will begin on Sunday.

The company’s share bidding through the electronic subscription system (ESS) of the exchanges will continue until November 4.

Only institutional investors can participate in exploring the cut-off price of the company's shares under the electronic bidding process.

It will also be set based on the bids submitted by investors.

Although institutional investors are supposed to purchase shares of the company at the cut-off price, individual investors will get the scope for purchasing the shares at a 10 % discounted price through initial public offering (IPO).

The agro sector company will use the Tk50 crore IPO fund to install new machinery at its plant and repay some of its bank loans.

According to the entity’s audited financial statements for the year ending on June 30, 2019, the company’s weighted net asset value per share was Tk45.03 while earnings per share (EPS) was Tk7.07.

Incorporated in 2000, Index Agro Industries commenced operations with a poultry hatching and breeder facility to cater to the growing demand of quality pullets for the promising local poultry industry. The company produces poultry and fish feed and day-old chicks.

AFC Capital and EBL Investment Limited act as the issue manager of the company’s IPO.

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