The securities regulator has approved the IPO (initial public offering) proposal of eGeneration which will raise a capital worth Tk 150 million from the capital market.
The approval came Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
At the meeting, the securities regulator has also allowed Energypac Power Generation to float IPO for general investors.
As per the BSEC approval, eGeneration will offload 15 million shares of Tk 10 each under fixed price method to raise a capital worth Tk 150 million.
The company will utilise the IPO proceeds to purchase commercial space, repay loan along with conducting development work for digital health care platform and catering IPO expenses.
According to financial statement for the year ended on June 30, 2019, the company's net asset value without revaluation stood at Tk 20.56 per share, while the earnings per share was Tk 1.82.
eGeneration is one of the leading system integration and software solutions companies in Bangladesh with a vision to transform the country into an innovative high-tech nation, according to the company's official website.
On Wednesday, the securities regulator approved another proposal of issuing above 40.29 million shares by Energypac Power Generation under the book building method.
Of 40.29 million shares, above 20.14 million will be issued to the eligible investors (EIs) who offered prices at the bidding and shares will be issued to them at respective prices.
Under the book building method, the company earlier conducted bidding for EIs and now will float IPO for general investors to issue remaining shares.
As per the regulatory approval, the company will raise a capital worth Tk 1.50 billion from the market to expand the LPG business and repay bank loans.
The company's earnings per share (EPS) was Tk 3.13, the net asset value per share was Tk 45.15 (with revaluation reserve), while the value was Tk 30.20 (without revaluation reserve), according to the consolidated financial statement for the year ended on June 30, 2019.
At Wednesday's meeting, the securities regulator also fined two corporate directors of Appollo Ispat Complex Tk 1.0 million each for selling shares without prior declaration.
For selling above 0.88 million without declaration, Art International will have to pay a penalty worth Tk 1.0 million.
On the other hand, Jupitar Business will have to pay a penalty worth Tk 1.0 million for selling above 0.89 million shares without any prior declaration.
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