Business Desk :
Trading of the shares of ADN Telecom has started on both the bourses under ‘N’ category.
The ADN Telecom, which raised a capital worth Tk 570 million through book-building method, received IPO (initial public offering) approval from the securities regulator on September 3, 2018.
It is the second company, which has made debut under the newly-introduced circuit breaker system.
Recently, the Bangladesh Securities and Exchange Commission (BSEC) imposed circuit breaker on share price movements of newly listed companies from their debut trading day to contain abnormal price hikes which afterwards do not sustain.
The ADN Telecom issued a total of 19.71 million ordinary shares. Of total number of shares, 60 per cent of the total or 11.87 million shares were purchased by eligible institutional investors, including mutual funds, at the cut-off price of Tk 30 each.
The cut-off price of the IPO shares of the company was Tk 30 per share, which was fixed through bidding by the institutional investors under the book-building method.
Some 7.91 million (40 per cent) shares were 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.
