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Mir Akhter IPO subscription will commence on Dec 24

Published : Wednesday, 25 November, 2020 at 12:00 AM  Count : 672
Business Correspondent

The IPO (Initial public offering) subscription of Mir Akhter Hossain Ltd will commence on December 24 for raising Tk 1.25 billion for the capital market under the book-building method.
The IPO subscription of the construction and engineering company will continue until December 30, according to the company's prospectus published on Tuesday.
Bangladesh Securities and Exchange Commission (BSEC), the stock market regulator, approved the company's IPO proposal on November 5.
As per the regulatory approval, the company is set to raise a capital worth Tk 1.25 billion from the capital market for expansion of the business.
Earlier the company completed an electronic bidding process and explored its cut-off price of shares - a requirement for going public under the book building method.
The cut-off price of Mir Akhter Hossain shares had been fixed at Tk 60 each through electronic bidding by eligible institutional investors held between October 4 and October 7 this year.
As per the BSEC approval, the company will issue a total of 20,771,547 ordinary shares. Of the total shares, 10,385,747 shares are reserved for eligible investors (EIs) at their own bidding price.
Remaining 10,385,800 shares will be opened for the IPO participants, including general investors and non-resident Bangladeshis, at a 10 per cent discount on the cut-off price, meaning the general investors will get the IPO shares at Tk 54 each. The company will use the raised fund for purchasing construction equipment and machinery, repay bank loans and IPO-related expenses.
As per the audited financial statement, as of June 30, 2019, the company's earnings per share (EPS) was Tk 6.32, net asset value per share Tk 34.71, including re-evaluated reserve and Tk 33.63 excluding re-evaluated reserve.

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