Intraco IPO subscription starts today

FE Report

The IPO (initial public offering) subscription of Intraco Refueling Station Limited (IRSL) will commence today (Sunday).

According to the prospectus, the public subscription will continue till March 27 for raising a capital worth Tk 300 million under the fixed price method.

To raise the capital, the company will offload 30 million shares at an offer price of Tk 10 each.

The company will utilise the IPO fund for LPG bottling and setting up distribution plant along with bearing the IPO cost.

Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of IRSL on January 16 last.

As per the financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) stood at Tk 10.49 per share (without valuation), whereas the weighted average of EPS was Tk 0.67.

The company has 95 per cent shareholding in five subsidiaries. That's why, the consolidated NAV of the company and five subsidiaries stood at Tk 13.87 (without valuation) and weighted average of EPS was Tk 1.43 as of June 30, 2017.

The principal services of IRSL are selling gas through CNG re-fueling stations.

IRSL is selling Compressed Natural Gas (CNG) from its CNG re-fueling stations.

As per the nature of business, IRSL is procuring natural gas from different gas distribution companies like Titas Gas Transmission & Distribution Company Limited and Bakhrabad Gas Systems Limited.

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