Business Desk :
Leading IT and telecoms company ADN Telecom has received the green light from the securities regulator to go public.
ADN will raise Tk 570 million through the book building method, Bangladesh Securities and Exchange Commission said in a statement on Tuesday after approving the proposal at a meeting, reports bdnews24.com
IPO proceeds will be used for balancing, modernisation, rehabilitation and expansion or BMRE, the construction of a new data centre and loan repayment, according to the company’s prospectus.
As per the book building method, the company will now discover the cut-off price of its shares through completing electronic bidding.
Under the electronic bidding process in which only the institutional investors are allowed to participate, the cut-off price of the shares of an IPO-seeking company is set, based on the bids submitted by investors. Individual investors get scope for purchasing the shares at 10 percent discounted rate through IPO in line with the method.
Leading IT and telecoms company ADN Telecom has received the green light from the securities regulator to go public.
ADN will raise Tk 570 million through the book building method, Bangladesh Securities and Exchange Commission said in a statement on Tuesday after approving the proposal at a meeting, reports bdnews24.com
IPO proceeds will be used for balancing, modernisation, rehabilitation and expansion or BMRE, the construction of a new data centre and loan repayment, according to the company’s prospectus.
As per the book building method, the company will now discover the cut-off price of its shares through completing electronic bidding.
Under the electronic bidding process in which only the institutional investors are allowed to participate, the cut-off price of the shares of an IPO-seeking company is set, based on the bids submitted by investors. Individual investors get scope for purchasing the shares at 10 percent discounted rate through IPO in line with the method.
