FE ONLINE REPORT |
January 23, 2022 1:23:22 p.m.
BD Thai Food & Beverage will debut on the Dhaka Stock Exchange and Chittagong Stock Exchange tomorrow (Monday) under the “N” settlement category.
The company’s DSE trade code is “BDTHAIFOOD” and the DSE company code is 14297 while the CSE, certificate ID is 14029 and certificate code is “BDTHAIFOOD”, according to Sunday’s disclosures.
BD Thai Food, which received regulatory approval from the Securities and Exchange Commission of Bangladesh on October 3, 2021, raised Tk 150 million in the capital market under the fixed price method.
In line with regulatory approval, the food and beverage producer sold 15 million shares of common stock at an offer price of Tk10 each. Its IPO subscription was held between December 23 and December 30, 2021.
Each general investor got a minimum of 26 IPO shares of BD Thai Food while non-resident Bangladeshi investors got 20 shares against application of Tk 10,000.
Investors requested 29.09 times more requests than IPO shares offered by the company, according to the DSE.
The company will use the proceeds from the IPO to purchase machinery and equipment, develop land, complete the construction of a new factory building and bear the expenses of the IPO.
According to the financial statements closed on June 30, 2020, the net asset value (NAV) per share of the company (NAV without revaluation) was 12.82 Tk and (NAV with revaluation) 14.23 Tk, the average profit weighted per share (EPS) for the last five years stood at Tk 0.63.
The paid up capital of the company is 665 million taka. Lock-up period for all existing shareholders for three years from the first trading date on the stock exchange.
In addition, the company’s managing sponsors will not be entitled to receive any dividend until the company’s EPS reaches Tk 1.0 or higher, as approved by the BSEC.
The BSEC also allowed the company to issue 15% of the IPO shares to employees, but they would not be able to sell the shares during the first two years of trading.
Unicap Investment and BLI Capital are jointly acting as issue manager for the company’s IPO process.