A general investor will get 40 initial public offering (IPO) shares of ACME Pesticides while non-resident Bangladeshi investors will receive 63 shares against application of Tk 10,000.
The Dhaka Stock Exchange (DSE) on Tuesday formally allocated the IPO shares of ACME Pesticides, under the newly introduced pro-rata basis which allows every applicant to get shares, DSE said in a statement.
The company's share distribution programmee on the pro-rata basis was held on the DSE premises at Nikunja in Dhaka where M. Shaifur Rahman Mazumdar, managing director of DSE (acting) and Reza-Ur-Rahman Sinha, managing director of ACME Pesticides, were present among others.
ACME Pesticides, which received regulatory approval from the Bangladesh Securities and Exchange Commission on July 19, raised Tk 300 million from the capital market under the fixed price method.
The company offloaded 30 million ordinary shares at an offer price of Tk 10 each. Its IPO subscription was held between October 12 and October 18.
The investors applied for 20.22 times higher applications than the IPO shares offered by the company, according to the DSE statement.
The company will utilise the IPO proceeds for the purpose of building and other construction, repay bank loans, acquisition of new machinery and IPO expenses.
As per the financial statement for the year ended on September 30, 2020, the company's earnings per share (EPS) was Tk 0.48 while its net asset value (without revaluation) is Tk 16.84 per share.
Shahjalal Equity Management is the issue manager of the company.
ACME Pesticides is engaged in manufacturing and marketing of agro products in the categories of fertilizer, insecticides, pesticides and certified seeds, household toiletries and other consumer products.
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