The IPO subscription of Crystal Insurance Company will commence today (Tuesday) while subscription of Energypac Power Generation is set to open on December 7.
Crystal Insurance: The initial public offering (IPO) subscription of Crystal Insurance begins today (Tuesday) aiming to raise Tk 160 million from the capital market.
The IPO subscription for shares of the non-life insurer by the eligible investors through electronic subscription system under the fixed price method will be continued until 5:30pm on November 16, officials said.
Earlier on September 23, the Bangladesh Securities and Exchange Commission (BSEC) approved the company's proposal to raise the fund from the capital market through initial public offering.
As per the stock market regulator approval, the company will issue 16 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
Each Eligible Investor (EI) who intends to submit application shall maintain a minimum investment of Tk 10 million only at market price in listed securities as on November 2 as per the Bangladesh Securities and Exchange Commission (Public Issue) Rules, 2015.
A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company's IPO shares.
Foreign currency required for non-resident Bangladeshi (NRB) and foreign applicants, (per lot) of US$ 59.39 or GBP 45.69 or EUR 50.52.
The proceeds from the IPO will be used for investment in FDR & Treasury bond, capital market and to meet the IPO related expenses.
The non-life insurer's authorised capital is Tk 1.0 billion and pre-IPO paid-up capital is Tk 240 million.
According to the financial statement ending June 30, 2019, the company's net asset value (NAV) per share was Tk 24.42, while earnings per share (EPS) were at Tk 2.92.
Sonar Bangla Capital Management Ltd is acting as the issue manager for the company's IPO process.
Energypac Power: The IPO subscription of Energypac Power Generation will commence on December 7, aiming to raise Tk 1.50 billion under the book-building method.
The IPO subscription for shares of the power generation company will be continued until 5:30pm on December 13, according to the company's abridged prospectus published on Monday.
The securities regulator on October 21 approved the company's IPO proposal.
Earlier the company completed electronic bidding process and explored its cut-off price of shares - a requirement for going public under the book building method.
The cut-off price of Energypac Power shares has been fixed at Tk 35 each through electronic bidding by eligible institutional investors held on September 21 to September 24.
As per the regulatory approval, the company will raise Tk 1.50 billion by issuing a total of 40,293,566 ordinary shares to expand the LPG business and repay bank loans.
Of the total shares, 20,146,766 shares are reserved for eligible investors at their own bid price.
Remaining 20,146,800 shares will be opened to the IPO participants, including general investors and non-resident Bangladeshis, at a 10 per cent discount on the cut-off price, meaning the general investors will get the IPO shares at Tk 31 each.
Apart from LPG business expansion and loan repayment, the company's IPO proceeds will be used to bear the cost of the public offering process.
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.
LankaBangla Investments Ltd is the issue manager of the company's IPO process.
Founded in 1995, Energypac Power Generation has been working in the sectors of power generation, energy, infrastructure, commercial automotive, industrial and commercial building and assembling and manufacturing.
The company has successfully entered the LPG market branding as G-GAS. G-Gas LPG is the company's one of the pioneering brands in the energy sector, which currently offers household, commercial, bulk LPG and autogas solutions across the country.
Due to growing demand of G-Gas, the company has taken effective measures with thriving steps to expand and develop its LPG infrastructure.
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