Asiatic Laboratories’ stock market debut tomorrow
The company earlier raised Tk 95 crore through IPO
Local drug maker Asiatic Laboratories will debut on the stock exchanges in Dhaka and Chattogram tomorrow.
Trading of the company's shares will start at DSE under N category.
The Dhaka Stock Exchange (DSE) released a disclosure today sharing information about the debut of the company, which earlier raised Tk 95 crore from the stock market.
Asiatic's profit fell 16 percent year-on-year to Tk 26.85 crore in the year ended on June 30 of 2022, according to the audited annual financial statements of the drug maker.
The company's earnings per share were Tk 3.06 in the last financial year, down from the previous year's Tk 3.65.
In 2022, the Bangladesh Securities and Exchange Commission (BSEC) approved the IPO of the drug company to raise funds through book-building method.
However, the BSEC halted the IPO process last year as the regulator found that Asiatic showed a higher value of its assets and fined the top officials and directors of the company.
At the end of 2023, the regulator lifted the IPO suspension when the company cleared the penalty payment.
The face-value of the share of the company is Tk 10 and its cut-off price was Tk 50.
Cut-off price is the offer price at which shares get allotted to investors and it is determined through bidding of institutional investors.
Asiatic Laboratories said it will utilise the IPO proceeds for business expansion, repaying bank loans and IPO expenses.
The company started its commercial operation in 2000 and is now engaged in the production and marketing of more than 80 generic molecules comprising different types of tablets, capsules, syrups, creams, eye care products and injections.