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| Saif Powertec IPO approved |
FE Report
The securities regulator has approved the IPO (initial public offering) proposal of Saif Powertec which will raise a fund worth Tk 360 million by offloading 12 million ordinary shares, officials said.
The approval came Tuesday at a commission meeting held at the office of the Bangladesh Securities and Exchange Commission (BSEC).
According to the BSEC approval, the company will go public under the fixed price method.
The Saif Powertec will offload 12 million ordinary shares at an offer price of Tk 30, including a premium of Tk 20 for each ten taka share.
The fund which will be raised through the public offering will be used to set up a new project for manufacturing battery and to meet the expenses of IPO process.
According to the financial statement for the year ended on June 30, 2013, the company's earning per share (EPS), calculated as per weighted average, and the net asset value (NAV) are of Tk 3.01 and Tk 24.29 respectively.
The ICB Capital Management has been appointed the issue manager of the Saif Powertec.
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