Energypac Power Generation is set to hold its IPO (initial public offering) lottery draw on January 3, aiming to allocate a total about 40.30 million ordinary shares among the successful applicants.
The lottery draw will be held through a digital platform, company officials said.
After the lottery, the result will be published on the websites of the company, issue manager, Dhaka Stock Exchange and Chittagong Stock Exchange.
The stock market regulator -- Bangladesh Securities and Exchange Commission (BSEC) -- approved the company’s IPO proposal on October 21. The IPO subscription for shares of the company was held between December 7 and December 13.
Earlier the company completed electronic bidding and explored its cut-off price of shares - a requirement for going public under the book building method.
The cut-off price of Energypac Power shares had been fixed at Tk 35 each.
The company raised Tk 1.50 billion by issuing a total of 40.30 million ordinary shares to expand the LPG business, repay bank loans and bearing the IPO expenses, as per regulatory approval.
Of the total shares, 20.15 million shares are reserved for eligible investors at their own bid price.
Remaining 20.15 million shares are open for general investors, including non-resident Bangladeshis, at a 10 per cent discount on the cut-off price, meaning the general investors will get the IPO shares at Tk 31 each.
The company’s earnings per share (EPS) was Tk 3.13, the net asset value per share was Tk 45.15 (with revaluation reserve), while the value was Tk 30.20 (without revaluation reserve), according to the consolidated financial statement for the year ended on June 30, 2019.
The company’s pre-IPO paid up capital is more than Tk 1.49 billion and authorised capital is Tk 5.0 billion.
Apart from LPG business expansion and loan repayment, the company’s IPO proceeds will be used to bear the cost of the public offering process.
LankaBangla Investments is the issue manager of the company’s IPO.
Founded in 1995, Energypac Power Generation has been working in the sectors of power generation, energy, infrastructure, commercial automotive, industrial and commercial building and assembling and manufacturing.
The company has successfully entered the LPG market branding as G-GAS. G-Gas LPG is the company’s one of the pioneering brands in the energy sector, which currently offers household, commercial, bulk LPG and autogas solutions across the country.
Following the trusts and growing demand of G-Gas, the company has taken effective measures with thriving steps to expand and develop its LPG infrastructure.
