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BSEC allows two IT cos to raise capital through QIOs

FE REPORT | June 10, 2024 00:00:00

The capital market watchdog allowed two IT companies to collect Tk 100 million as capital by issuing common shares to the stock market.

Among the two companies, Brain Station 23 is engaged in software development, web hosting and related services, IT support and software maintenance services.

The company that was established in 2015 has 700 full-time employees, according to its prospectus. It also claimed to be one of the largest IT solution providers and software exporters of Bangladesh.

The Bangladesh Securities and Exchange Commission (BSEC) approved Brain Station's proposal to issue 5 million shares at Tk 10 each to collect Tk 50 million as equity money through a Qualified Investor Offer (QIO).

Brain Station will purchase computers and IT equipment with Tk 47 million and the expense of QIO will be Tk 3 million.

The EPS of Brain Station for the three months through September last year is Tk 1.92 and NAV Tk 19.28 per share.

The issue manager of Brain Station is LankaBangla Investment Limited.

Another company, Doar Services is also in software development and training, network planning, design and implementation etc.

Founded in 2015, it has 239 full-time employees, according to its prospectus.

The BSEC permits Doar Services to issue 5 million shares at Tk10 each to collect Tk 50 million through a Qualified Investor Offer (QIO).

The company will work on software development with Tk 47.5 million while the expense of QIO is set at Tk 2.5 million.

The EPS of Doar Services as of June last year is Tk 4.86 and NAV is Tk 17.85 per share.

The Issue manager of Doar Services is Alpha capital Management Limited.

According to the press release issued on Sunday, the BSEC also allowed Dhaka Electric Supply Company (DESCO) to issue 607.69 million irredeemable and non-cumulative preference shares in favour of the power division secretary.

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