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Navana Pharma makes trading debut today

The drug maker's profit jumps 45pc in nine months

FE REPORT | October 18, 2022 00:00:00

Navana Pharmaceuticals will make its trading debut on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) today (Tuesday) under the 'N' category.

The drug maker has posted a 45 per cent growth in profit in nine months for July 2021-March 2022, compared to the same period of the previous year.

The company's profit after tax jumped to Tk 191.84 million for July 2021-March 2022 as against Tk 132.39 million in the same period of the previous year, according to a filing with the Dhaka Stock Exchange (DSE) on Monday.

Its pre-IPO earnings per share (EPS) stood at Tk 2.39 in nine months. However, post-IPO EPS stood at Tk 1.79 for July 2021-March 2022.

The net asset value (NAV) per share with revaluation reserve was Tk 43.53 as on March 31, 2022.

Navana Pharmaceuticals received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on June 8 for raising Tk 750 million by issuing IPO shares under the book-building method.

The company will use the IPO proceeds to build a new general manufacturing unit, construction of new utility & engineering buildings, renovation of cephalosporin unit, partial loan repayment and meeting the IPO expenses.

Asian Tiger Capital Partners Investments and EBL Investments are as the issue manager of the company's IPO.

Incorporated in 1986, Navana Pharmaceuticals is mainly involved in the manufacturing and marketing of pharmaceutical products for the local and international markets, according to the company's website.

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