FE Online Report
The share trading of Doreen Power & Generations and Systems begins tomorrow (Wednesday) on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under ‘N’ category, officials said. Doreen Power will be the 19th listed company under the fuel and power sector that accounts for around 15 per cent of the DSE’s total market capitalisation. Initial public offering (IPO) subscription of Doreen Power, which raised a fund worth Tk 580 million from the public, was held between February 8 and February 22. IPO subscription of the company hit 11.63 times high as the company received Tk 6.75 billion than its IPO offer of Tk 580 million, officials said.
Doreen Power, which received approval from the securities regulator – Bangladesh Securities and Exchange Commission (BSEC) on November 30, last year, floated 20 million ordinary shares of Tk 10 each, in addition to Tk 19 as premium.
The company will use the funds from the initial public offering to set up power plants for its two subsidiaries and to repay bank loans and meeting the IPO expenses, according IPO prospectus. The market lot is 200 shares. Doreen Power’s five-year weighted average earnings per share (EPS) stood at Tk 3.19 and net asset value (NAV) per share at Tk 34.87 in June 2014. Alliance Financial Services and ICB Capital Management managed the Doreen Power’s IPO jointly. Doreen Power has three electricity plants that generate and supply 66MW to Bangladesh Power Development Board and Rural Electrification Board under two agreements.
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