The Bangladesh Securities and Exchange Commission on Tuesday approved Advent Pharmaceuticals Limited’s proposal to raise Tk 20 crore from the capital market through initial public offering.
The pharmaceuticals company will float 2 crore shares at an issue price of Tk 10 each.
A BSEC meeting, presided over by its chairman M Khairul Hossain, approved the IPO proposal, said a BSEC press release.
Advent Pharma will use the IPO fund for purchasing capital machinery and equipment, construct building and to meet up IPO expenses.
As per the entity’s audited financial statement for the year ended on June 30, 2017, Advent’s net asset value per share and weighted average earnings per share are Tk 12.45 and Tk 0.91 respectively.
Imperial Capital Limited, Alfa Capital Management and CAPM
Advisory Limited are the issue manager of the company’s IPO.
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