BSEC approves Silva Pharma IPO

The securities regulator has approved the IPO (initial public offering) proposal of Silva Pharmaceuticals under the fixed price method. The approval came on Monday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC). The company will raise a capital worth Tk 300 million by offloading 30 million ordinary shares at an offer price of Tk 10 each. The company will purchase machineries, construct building, repay bank loans and bear the IPO expenses with the fund. The company reported net asset value (NAV) of Tk 16.48 per share, (without revaluation)), weighted average of EPS worth Tk 1.03 as per the financial statement for the year ended on June 30, 2017. Prime Finance Capital Management, Imperial Capital and SBL Capital Management are working as managers to the issue. The company's products, among others, are Timem, Duet, Omesil, Macrozith, Cipronil, Spuramix and Probac. At Monday's meeting, the securities regulator has also approved a fresh draft of the Securities and Exchange Commission (Over-the-Counter) Rules, 2001 bringing some changes in the existing rules. The regulator will seek public opinion on the draft rules soon.

— FE Report