The Bangladesh Securities and Exchange Commission on Thursday approved a proposal of the IFAD Autos Limited to raise Tk 63.75 crore from the capital market through initial public offering.
The company will float 2.12 crore shares with an offered price of Tk 30 including Tk 20 premium on each share. The capital market regulator approved the company proposal at a regular commission meeting presided over by its chairman M Khairul Hossain, said a BSEC press release.
According to the latest financial statement of the IFAD Auto for the year ended on June 30 this year, earning per share and net asset value per share of the company stands at Tk 5.16 and Tk 44.12 respectively.
The BSEC release said that IFAD would use the IPO fund for its business expansion, repayment of bank loans and to meet-up IPO expenses.
Banco Finance and Investment Limited and Alpha Capital Management Limited are the issue manager of the IPO fund, it said.
-With New Age input
