Brain Station 23 PLC, a software company, will raise Tk 50 million from the SME market through a qualified investors offer (QIO) to procure computers and IT equipment for facilitating business expansion.
Share subscription of the software company will begin on September 1 and continue until September 5 under the fixed-price method, according to a prospectus published on Tuesday.
Only qualified investors are allowed to submit applications for the company's shares through the electronic subscription system (ESS) of the stock exchanges.
Individual investors can also submit applications if they maintain a minimum investment of Tk 3 million in the secondary market as of August 21.
Brain Station developed the first in-country mobile app, City Touch, a digital banking platform of City Bank in 2017.
On June 9 this year, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise the said amount through qualified investors' offers.
As per the regulatory approval, the IT firm will issue 5 million ordinary shares at a face value of Tk 10 each under the fixed price method.
The company will spend QIO proceeds to procure computers and IT equipment worth Tk 46.99 million to facilitate business expansion while Tk 3.01 million for QIO expenses, according to the prospectus.
The procurement process will start after receiving the QIO fund and will be completed within two years.
Its earnings per share stood at Tk 1.92 for July-September 2023 while net asset value per share stood at Tk 19.28.
Established in 2006, Brain Station 23 is one of the largest IT solutions and software exporters in Bangladesh. The company with 17 years of experience since its inception serves over 300 global and domestic clients across diverse industries, according to its website.
The principal activities of the company are to provide IT Enabled Services. It is involved in software development, Software or application customisation, web hosting and related services, IT support, and software maintenance services.
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