The securities regulator has allowed ADN Telecom to issue shares to eligible investors (EIs) and general public under the book building method.
The regulatory consent came Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
As per the BSEC approval, the company will issue over 11.87 million shares to EIs at a price of Tk 30 each, the cut off price.
Over 7.91 million shares will be issued to general investors at a price of Tk 27 each.
The company will utilise the IPO (initial public offering) fund worth Tk 570 million to develop infrastructure, establish data centre, repay bank loans and bear the IPO expenses.
As per the financial statement for the year ended on June 30, 2017 the net asset value (NAV) per share is Tk 16.13. The basic EPS (earnings per share) and adjusted EPS are Tk 2.52 and Tk 2.36 respectively. The weighted average EPS stood at Tk 1.81.
At Tuesday's meeting, the securities regulator has also approved the proposal of issuing registration to Build Bangladesh Social Entrepreneurs Fund, an impact fund.
The size of the fund will be Tk 830 million and the tenure will be 10 years.
JC Management Company is the sponsor of the fund, while Impress Capital and Green Delta Insurance Company will work as fund manager and trustee respectively.
