The securities regulator has approved the initial public offering (IPO) proposal of Sea Pearl Beach Resort & Spa Ltd which will raise a capital worth Tk 150 million.
Sea Pearl Beach Resort & Spa is originally owned by the Hotel Royal Tulip Sea Pearl Beach Resort in Cox’s Bazar.
The Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal at a commission meeting held in Dhaka on Tuesday evening.
BSEC Chairman M Khairul Hossain presided over the meeting, according to a press release.
As per the BSEC approval — under the fixed price method — Sea Pearl Beach Resort will offload 15 million ordinary shares at an offer price of Tk 10 each.
According to the financial statement ended on June 30, 2018, the company’s net asset value (NAV) per share stood at Tk 10.48 while the weighted average (three years) earnings per share (EPS) was Tk 0.41.
Banco Finance and Investment Limited and Prime Bank Investment Limited will act as the issue manager for the IPO process.
After completing all the procedures, it will be the 5th listed company in the ‘travel & leisure’ sector in the Dhaka Stock Exchange.
