Intraco Refuelling Station Limited (IRSL), a concern of Intraco Group, will make its share trading debut tomorrow (Thursday) on both the country's two bourses under "N" category, officials said.
Intraco Refuelling Station, which received approval from Bangladesh Securities and Exchange Commission (BSEC) on January 16, raised Tk 300 million from the capital market by issuing 30 million ordinary shares at an issue price of Tk 10 each under the fixed price method.
The IPO subscription of the company was open to resident and non-resident Bangladeshis during the period from March 18 to March 27.
The company's IPO lottery programme was held on April 17 to allocate 30 million ordinary shares among the successful applicants.
The refuelling company will utilise the IPO fund for LPG bottling and setting up distribution plants along with bearing the IPO expenses.
As per the entity's consolidated financial statement (including its five subsidiary companies) for the year ended on June 30, 2017, earnings per share and net asset value per share were Tk 1.43 and Tk 13.87 respectively. The company has 95 per cent shareholding in five subsidiaries.
The company's pre-IPO paid-up capital is Tk 450 million and authorised capital is Tk 1.0 billion.
AFC Capital Limited and Asian Tiger Capital Partners Investment are working as the issue manager of the company's IPO.
The principal services of the Intraco Refuelling Station are selling gas through CNG re-fuelling stations. As per nature of the business, the company procures natural gas from different gas distribution companies and compresses the gas by latest technology and sells it to the retail customers, according to the company's website information.
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