SEC paves way for Beacon Pharma IPO floatation
Wednesday, 21 April 2010
FE Report
The securities regulator approved Tuesday the prospectus of Beacon Pharmaceuticals Limited giving it the go-ahead for launching Initial Public Offering (IPO).
The Securities and Exchange Commission (SEC) gave the approval in a meeting on the day.
Beacon Pharmaceuticals Ltd., an innovative and technology-driven company, will offload 30 million ordinary shares, each having a face value of Tk 10 without any premium.
In the meeting, the commission also decided in principle to ensure greater participation of eligible institutional investors in the bidding process for setting a reasonable indicative price of a share under the Book Building (BB) method.
After two recent cases, in which the indicative prices of two companies were found inconsistent with company fundamentals, the commission decided to ensure participation of a greater number of eligible investors in the bidding process.
"A company now will need quotations from at least 15 eligible investors if its discovery price is fixed under the book building method," an SEC official said.
Beacon Pharma's pre-IPO paid-up capital is Tk 1.9 billion. ICB Capital Management Ltd. (ICML) is its issue manager.
Beacon Pharmaceuticals Ltd, within two years of its operation, has introduced a substantial number of new and innovative technologies in the pharmaceutical industry.
The securities regulator approved Tuesday the prospectus of Beacon Pharmaceuticals Limited giving it the go-ahead for launching Initial Public Offering (IPO).
The Securities and Exchange Commission (SEC) gave the approval in a meeting on the day.
Beacon Pharmaceuticals Ltd., an innovative and technology-driven company, will offload 30 million ordinary shares, each having a face value of Tk 10 without any premium.
In the meeting, the commission also decided in principle to ensure greater participation of eligible institutional investors in the bidding process for setting a reasonable indicative price of a share under the Book Building (BB) method.
After two recent cases, in which the indicative prices of two companies were found inconsistent with company fundamentals, the commission decided to ensure participation of a greater number of eligible investors in the bidding process.
"A company now will need quotations from at least 15 eligible investors if its discovery price is fixed under the book building method," an SEC official said.
Beacon Pharma's pre-IPO paid-up capital is Tk 1.9 billion. ICB Capital Management Ltd. (ICML) is its issue manager.
Beacon Pharmaceuticals Ltd, within two years of its operation, has introduced a substantial number of new and innovative technologies in the pharmaceutical industry.