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Silco Pharma IPO opens March 07

The company to raise Tk 300m

FE Report | February 13, 2019 00:00:00

The initial public offering (IPO) subscription of Silco Pharmaceuticals is set to open on March 07, aiming to raise Tk 300 million from the capital market.

The subscription period ends on March 19.

The securities regulator -- Bangladesh Securities and Exchange Commission (BSEC) -- approved the Silco Pharma's application to raise the fund on December 20, 2018.

Using the fixed-price method, Silco Pharma will float 30 million ordinary shares of Tk 10 each, according to the BSEC approval.

As of June 2017, five financial years' weighted average earnings-per share (EPS) of the company stood at Tk 1.46 and net asset value (NAV) per share at 25.41.

The company will utilise the IPO proceeds to construct factory building, purchase machinery and delivery van and bear the IPO expenses, according to the BSEC statement.

City Bank Capital Resources, EBL Investments and Citizen Securities & Investment are jointly working as issue managers of the company's IPO.

Silco Pharma, based in Sylhet, is one of the fastest growing pharmaceutical companies in Bangladesh since 1997 and is now on its way to becoming a high-performance global player, according to its official website.

The company started its journey with only 10 products. Now, it manufactures 108 products. Every year, Silco Pharma is introducing more than 10 to 20 new products.

Silco Pharmaceuticals will be the 32nd listed company under the 'Pharmaceutical & Chemicals' sector on the DSE.

This sector accounts for 15.50 per cent of the DSE's total market capitalisation.

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