Business Desk :
The general investors will get a 10% discount on the cut-off price of Mir Akhter Hossain Limited’s Tk60 share, to buy it at Tk54 each.
Mir Akhter, one of the largest construction and engineering companies of the country, wants to raise Tk125 crore through an initial public offering (IPO).
The Dhaka Stock Exchange (DSE) on Sunday revealed its share cut-off price through electronic subscription system (ESS).
Qualified and institutional investors will buy 50% of the company’s shares at that price, while the general investors will buy the rest, said a press release.
The electronic bidding, under the book-building method of IPO, was held for 72 hours – from 4 October to 7 October.
During this period, 245 institutional and eligible investors offered to buy the company’s shares at different rates – ranging from Tk14 to Tk98.
However, most bids were received at Tk50 and Tk51. The construction company that started its journey in 1968 will use the IPO gains to buy machinery and repay bank loans.
Earlier, the Bangladesh Securities and Exchange Commission had allowed Mir Akhter to set the cut-off price of its shares through bidding.
According to the audited financial statements of Mir Akhter as of 30 June 2019, the company’s earnings per share was Tk6.32, net asset value per share was Tk34.71, including re-evaluated reserve, and Tk33.63, excluding the same.
The general investors will get a 10% discount on the cut-off price of Mir Akhter Hossain Limited’s Tk60 share, to buy it at Tk54 each.
Mir Akhter, one of the largest construction and engineering companies of the country, wants to raise Tk125 crore through an initial public offering (IPO).
The Dhaka Stock Exchange (DSE) on Sunday revealed its share cut-off price through electronic subscription system (ESS).
Qualified and institutional investors will buy 50% of the company’s shares at that price, while the general investors will buy the rest, said a press release.
The electronic bidding, under the book-building method of IPO, was held for 72 hours – from 4 October to 7 October.
During this period, 245 institutional and eligible investors offered to buy the company’s shares at different rates – ranging from Tk14 to Tk98.
However, most bids were received at Tk50 and Tk51. The construction company that started its journey in 1968 will use the IPO gains to buy machinery and repay bank loans.
Earlier, the Bangladesh Securities and Exchange Commission had allowed Mir Akhter to set the cut-off price of its shares through bidding.
According to the audited financial statements of Mir Akhter as of 30 June 2019, the company’s earnings per share was Tk6.32, net asset value per share was Tk34.71, including re-evaluated reserve, and Tk33.63, excluding the same.
