The Bangladesh Securities and Exchange Commission (BSEC) has allowed Energypac Power Generation Limited to identify the cut-off price of its shares under the book building method for raising Taka 150 crore from the country’s capital market through initial public offering (IPO).
The stock market regulator gave the approval at a meeting recently presided over by its chairman Shibli Rubayat Ul Islam, said a press release.
With the participation of institutional investors, the selling price of the company’s shares will be fixed through the bidding process, reports BSS.
The power sector company will use the initial public offering proceeds to expand LPG projects, repay bank loans, and meet IPO expenses.
According to the entity’s audited financial statements for the year ending June 30, 2019, the company’s net asset value per share and weighted average earnings per share were Taka 45.15 and Taka 30.20 respectively, while the weighted average of earnings per share (EPS) was Taka 3.13.
LankaBangla Investment Ltd acts as the issue manager of the company’s IPO.
Energypac Power Generation was founded in 1995 and it has established itself as a major supplier and base load of generators and low voltage electrical accessories.
