Two companies, Navana Pharmaceuticals and Chartered Life Insurance, will launch their initial public offerings (IPOs) for subscription on September 13 and 25, respectively.
Navana Pharmaceuticals will raise Tk75 crore using the book building method while Chartered Life Insurance will raise Tk 15 crore using the fixed price method.
The drugmaker’s IPO will open for subscription on September 13 and last until September 19.
Navana Pharma received approval for its IPO from the Bangladesh Securities and Exchange Commission (BSEC) on June 8th.
Eligible investors participated in the pricing of the company’s IPO shares by bidding for 72 hours from July 4 to July 7, a requirement for the IPO through the bookbuilding method.
After the bid, the cutoff price for each share was set at 34k.
However, according to regulatory approval, general investors can buy its IPO shares at a 30% discount off the cutoff price.
Under the current rule, Bangladesh residents applying for an IPO subscription are required to have a minimum investment of Tk50,000 in maturing listed securities at the market price as of September 5, while the investment figure for non-Bangladeshi residents (NRB) is Tk1 lakh .
The Company will use the proceeds from the IPO to construct a new general manufacturing unit, construct new utility and engineering buildings, refurbish the cephalosporin unit, partially repay the loan and meet IPO expenses.
According to the company’s financial statements for July 2021 to March 2022, the NAV per share with revaluation is Tk 43.53 and the NAV per share without revaluation is Tk 19.02.
Earnings per share (EPS) for the period under review were Tk 2.39 and the weighted average earnings per share for the last five years were Tk 2.51.
The life insurer’s IPO will open for subscription on September 25th and last until September 29th, aiming to raise Tk15 crore under the fixed price method.
The new-generation life insurer received approval to launch the fund on July 6 from the Securities and Exchange Commission.
Pursuant to the regulatory approval, the life insurer will issue 15 million common shares at a par value of Tk10 each.
The company will use the IPO proceeds to buy government bonds, invest in the stock market and pay for the IPO costs.
According to the Actuarial Valuation Report for the year ended December 31, 2021, the company’s total life insurance fund grew to nearly Tk 35.2 billion and the total surplus was Tk 4.68 billion.
Chartered Life Insurance was incorporated in July 2013 and operates in a variety of insurance products such as individual life insurance and group life insurance.
Currently, the company’s paid-up capital is Tk22.5 billion and the authorized capital is Tk250 billion, according to its website.
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