The Financial Express

ADN Telecom to make debut Jan 6

The co raises Tk 570m through book-building method

FE Report | Published: January 02, 2020 11:12:50 | Updated: January 04, 2020 12:17:08

ADN Telecom to make debut Jan 6

Trading of the shares of ADN Telecom Ltd will commence on Dhaka Stock Exchange and Chittagong Stock Exchange on January 6 (Monday) under 'N' category, officials said.

The DSE trading code for ADN Telecom is "ADNTEL" and DSE company code is 22,651.

The ADN Telecom, which raised a fund worth Tk 570 million through book-building method, received IPO approval from the securities regulator on September 3, 2018.

It is the second company, which will make debut under the newly-introduced circuit breaker system.

Recently, the securities regulator imposed circuit breaker on the newly-listed companies' on their share prices from their debut trading day to prevent unusual price volatility.

The cut-off price on the IPO share was Tk 30 per share, which was set through bidding by the institutional investors under the book-building method.

The company issued a total of 19.71 million ordinary shares. Of the, 60 per cent of the total or 11.87 million shares were reserved for eligible institutional investors, including mutual funds, at the cut-off price of Tk 30 each.

And 7.91 million (40 per cent) shares issued to the general and non-resident Bangladeshis at Tk 27 each, a 10 per cent discount on cut-off price, according to the book-building method.

ADN Telecom will use the IPO proceeds to develop infrastructure, install a data centre, and pay bank loans.

As per the entity's audited financial statements for the year ended on June 30, 2018, the company's net asset value per share and basic earnings per share were Tk 18.80 and Tk 2.67 respectively.

ICB Capital Management Limited is the issue manager of the company's IPO.

Incorporated on September 22, 2003 as 'Advanced Data Networks System Ltd', the private limited company commenced commercial operations in 2003.


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