IPO of Mir Akhter Hossain approved

The securities regulator has approved the proposal of the prospectus of Mir Akhter Hossain as part the process of raising capital worth Tk 1.25 billion from the capital market under book building method.

The approval came Wednesday at a meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).

The company will utilise the fund to purchase machinery, repay bank loan, and bear the IPO (initial public offering) expense.

As per the regulatory approval, Mir Akhter Hossain will offload above 20.77 million shares.

Of 20.77 million shares, 10.38 million shares will be issued to eligible investors (EIs) at respective prices offered by EIs at the bidding.

Remaining amount of shares will be issued to general investors through IPO at Tk 54 each with 10 per cent discount on the cut-off price.

The cut-off price of the shares of Mir Akhter Hossain has been fixed at Tk 60 each at the bidding.

As the financial statement for the year ended on June 30, 2019, the company's net asset value (NAV) with revaluation reserve is Tk 34.71 per share, while the value is Tk 33.63 per share without revaluation reserve.

The company's weighted average EPS stood at Tk 6.21 based on financials of five years.

IDLC Investment is working as issue manager of Mir Akhter Hossain.

The company was established in 1968 and has a wide range of activities in the forefront of construction industry in Bangladesh.

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