Index Agro’s IPO application started on February 22

Staff Reporter: The initial public offering (IPO) date or subscription of Index Agro Industries will start on 22nd February and will continue till 28th February. The company will raise Tk 50 crore from the stock market through the issuance of 72 lakh 53 thousand 749 shares through book building method.

AFC Capital Limited, which is in charge of issue management, said in a statement on Wednesday (January 20th).

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO on December 23.

Of this, 43 lakh 70 thousand 364 shares will be issued at a price of Tk 50 each (20 percent discount from the edge limit) and will raise Tk 21 crore 80 lakh 19 thousand 200.

The remaining 36 lakh 93 thousand 275 shares will be raised to Tk 24 crore 13 lakh 72 thousand 430 through issue to eligible investors at a cut-off price of Tk 72.

Meanwhile, the auction started at 5 pm on November 1 to determine the cut-off price of the company. Which ends on November 4 at 5 pm. The bidding of the company was approved at the 639th meeting of BSEC on September 10.

With the money raised from the stock market, the company will spend on building construction, purchase of machinery and equipment and IPO costs.

On the other hand, according to the company’s financial statements for the financial year ended (June 30, 2019), the net asset value, including revaluation reserves, stood at Tk 45.03 and the earnings per share (EPS) at the weighted average for the last five years was Tk 7.08.

AFC Capital Limited and EBL Investment are in charge of issue management.


Source: Daily StockBangladesh by www.dailystockbangladesh.com.

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