IFAD Autos gets the IPO nod
The Bangladesh Securities and Exchange Commission yesterday gave the green light to IFAD Autos to raise Tk 63.75 crore from public. The automobile dealer plans to float 2.12 crore of ordinary shares of Tk 10 each at an offer price of Tk 30, including Tk 20 as premium.
Banco Finance and Investment and Alpha Capital Management will manage the initial public offering, the proceeds of which would be used for business expansion and bank loan repayment.
The company's earnings per share as of June stood at Tk 5.16 and revalued net asset value per share Tk 44.12.
The approval came at a meeting presided over by BSEC Chairman Khairul Hossain, said a statement.
The BSEC also found the recently-listed Shahjibazar Power Company have violated securities rules by not disclosing price-sensitive information on its two subsidiary firms, where commercial operation commenced before listing.
The commission sent the issue to the enforcement department for the next course of action against Shahjibazar Power Company, which was listed on the market on July 15.
Meanwhile, the regulator put a bar on trading of the company's shares from August 11 following unusual price hike since its debut. Shahjibazar's share price soared 61 percent in just nine trading sessions to Tk 58.7.
Subsequently on July 31, the BSEC formed a two-member probe panel, which found involvement of four stockbrokers -- PFI Securities, Sharp Securities, Galaxy Capital and Mona Financial Consultancy and Securities -- behind the irrational price hike.
The regulator has also referred the stockbrokers to the enforcement department for the next course of action.
Located in Habiganj, Shahjibazar Power raised Tk 31.7 crore through initial public offering, which was approved by the BSEC in January. The company floated 1.26 crore ordinary shares of Tk 10 each at an offer price of Tk 25, including Tk 15 as premium.
Comments