Subra Systems to go public

Subra Systems Limited has submitted IPO (initial public offering) proposal to the securities regulator seeking its approval to raising capital worth Tk 300 million.

The company which provides software solutions will raise the capital offloading 30 million shares at an offer price of Tk 10 each under the fixed price method, according to the company's IPO prospectus.

The company's IPO proceeds will be utilised to set up a centre for research and development and a data centre along with catering IPO expense.

The company intends to implement the business expansion plan within 21 months after receiving IPO fund.

According to IPO prospectus, the principal activities of Subra Systems are to provide a comprehensive integrated business software solution.

"Providing ERP and other customize software according to different customer needs. The Company is also connected with web page & data supply to different entities," the company said in its IPO prospectus.

The company has reported net profit of Tk 84.08 million for the year ended on 30 June, 2020, against Tk76.9 million for previous year.

It has also reported earnings per share (EPS) of Tk 1.68 (diluted) for the year ended on June 30, 2020 against 1.54 for previous year, according to IPO prospectus

Imperial Capital is working as issue manager of Subra Systems.

Presently, the number of IT companies listed on the stock exchanges is 10.

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