BSEC approves Genex Infosys IPO

The securities regulator has approved the IPO (initial public offering) proposal of Genex Infosys for raising a capital worth

Tk 200 million from the market.

The approval came on Tuesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

As per the BSEC approval, Genex Infosys will offload 20 million shares at an offer price of Tk 10 each under the fixed price method to raise Tk 200 million.

The company will utilise the fund to expand call centre business, repay bank loan partially and bear the IPO expenses.

As per financial statement for the year ended on June 30, 2017, the company's weighted average of EPS (earnings per share) is Tk 1.89, while the net asset value (NAV) per share Tk 13.96, without revaluation.

Genex Infosys is a fully-owned (99.99 per cent) subsidiary. That's why, the company's consolidated NAV and weighted EPS of Genex Infosys stood at Tk 13.97, without revaluation, and Tk 2.02 respectively as of June 30, 2017.

Imperial Capital is working as the issue manager of the IPO.

Genex Infosys, the largest call centre operator in Bangladesh, has acquired Green and Red Technologies (G&R), the country's leading online advertising marketplace, to diversify and grow into a major ICT company, according to the official website.

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