The Bangladesh Securities and Exchange Commission on Tuesday allowed ADN Telecom Limited to discover cut-off price of its shares under the book building method for raising Tk 57 crore from the capital market through an initial public offering.
The commission gave the approval at a meeting presided over by its chairman M Khairul Hossain.
With the participation of institutional investors, the selling price of the company’s share would be set through the bidding process.
ADN Telecom will use the IPO proceeds in infrastructure development, installing data centre, paying bank loans
and meeting the IPO expenses.
As per the entity’s audited financial statements for the year ended on
June 30, 2017, the company’s net asset value per share and weighted average earnings per share were Tk 16.13 and Tk 2.52 respectively.
ICB Capital management Limited is the issue manager of the company’s IPO.