JMI Hospital Requisite Manufacturing Ltd will make its debut on Dhaka Stock Exchange and Chittagong Stock Exchange tomorrow (Thursday) under the settlement category "N".
JMI Hospital Requisite, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on November 16, 2021, raised Tk 750 million under the book-building method.
The cut-off price of shares of the company was fixed at Tk 25 each through electronic bidding by eligible investors held between January 9 and January 12 -- a requirement for going public under the book-building method.
The company's initial public offering (IPO) subscription was held between February 27 and March 3.
The general investors got the company's IPO shares at 20 per cent discount on the cut-off price, meaning the general investor received IPO shares at Tk 20 each.
Each general investor received at least 51 IPO shares of the company while non-resident Bangladeshi received 58 shares against application of Tk 10,000, as the DSE allocated IPO shares under the pro-rata basis.
The company's IPO application oversubscribed by 8.65 times, said the company in a press release recently.
JMI Hospital Requisite will utilise the IPO proceeds for purchasing machinery, constructing building, land development, repaying bank loans and bearing the IPO expenses.
As per the company's financial statement for the year ended on June 30, 2020, the weighted average earnings per share (EPS) for the last five years stood at Tk 2.42.
For the same period, the company's net asset value (NAV) per share stood at Tk 27.78 (without revaluation), and the value is Tk 29.99 (with revaluation).
The company's post paid-up capital is over Tk 1.25 billion and authorized capital is Tk 3.0 billion.
Janata Capital and Investment is working as issue manager of the JMI Hospital Requisite.
The company will not be able to approve inter-company loans. It will also not be able to recommend any dividend, its approval, and distribution before listing with the stock market, as per the BSEC condition.
JMI Hospital Requisite Manufacturing has been manufacturing and selling a wide range of medical devices and their component products in Bangladesh since 2013 and trading of healthcare related equipment since 2010.
At present, JMI Group has more than 10 companies. JMI Hospital Requisite Manufacturing will be the Group's second listed company after JMI Syringes & Medical Devices.
JMI Syringes & Medical Devices was listed on the DSE in 2013. The company's share closed at Tk 353.30 on Tuesday, gaining 1.17 per cent over the previous day.
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