ADN Telecom’s IPO gets go-ahead
The stock market watchdog yesterday approved an initial public offering (IPO) of ADN Telecom and an impact fund.
ADN will raise Tk 57 crore through the IPO, Bangladesh Securities and Exchange Commission said in a statement.
Eligible institutional investors set the price of each ADN share under the book building method at Tk 30 for themselves and at Tk 27 for general investors (public).
With the IPO proceeds, the telecom company will build up infrastructure and a data center, repay bank loans and bear the IPO expenses.
The Tk 83 crore impact fund—Build Bangladesh Social Entrepreneurs Fund—would have a tenure of 10 years.
Its proceeds will be used in agriculture, food processing, healthcare, IT and technology, education, engineering and tourism sectors.
Impact funds refers to investments which are made into companies, organisations and funds with the intention of generating a measurable, beneficial social or environmental impact alongside a financial return.
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