FE Report
Popular Pharmaceuticals, a local drug manufacturer, recently completed its road show to float Tk 700 million IPO (initial public offering) under the book building.
At the road show held a city hotel, Popular Pharmaceuticals, a company of Popular Group, presented the company's financials and future plan to be implemented with the IPO fund.
Of Tk 700 million, Tk 440 million will be used for enhancing the company's manufacturing capacity, Tk 230 million will go for repayment of loans and remaining Tk 30 million will be used as cost of IPO proceeding, according to IPO prospectus.
Dr. Mustafizur Rahman, managing director, Quamrul Hasan, director (marketing and sales), and Kazi Mohammed Badruddin, director (finance and accounts), among others, spoke at the road show.
Khalid Qadir also spoke at the road show on behalf of the Brummers & Partners, a foreign equity partner of the Popular Pharmaceuticals.
According to the company's financial statement for the year ended on June 30, 2016, the net asset value (NAV) per share has stood at Tk 35.12.
The company's annualised the earnings per share (EPS) has stood at Tk 1.92 based on the EPS of Tk 0.96 calculated for last six months.
The Popular Pharmaceuticals said that they have around 2.0 per cent share in local market.
According to official website, the company exports its products to different countries including Sri Lanka, Myanmar, Macau, Vietnam, Kenya, Nigeria, Somalia, Belize, Guatemala, Mexico, Chile, and Rumania.
In 2015, the Popular Pharmaceuticals exported products worth Tk 120 million, the officials said.
The company's existing paid-up capital is Tk 1.19 billion. The global partner Brummer & Partners has 29 per cent equity partnership in Popular Pharmaceuticals.
The company officials said their local sales has stood at around Tk 2.25 billion in last six months and the amount is expected to be Tk 5.0 billion at the end of the year.
The IDLC Investments is working as issue manager of the Popular Pharmaceuticals.
mufazzal.fe@gmail.com
Blogger Comment
Facebook Comment