ACME Pesticides IPO subscription begins Tuesday

Acme Pesticides Limited will open initial public offering (IPO) subscriptions for Tk 30 crore public issues on Tuesday under the fixed price method.

The subscription will close on October 18. The company will offload 3 crore shares with an offer value of Tk 10

each.

The proceeds from IPO will be used in building factories, installing electrical machinery, purchasing new machinery, repaying bank loans and meeting IPO expenses, according to the Dhaka Stock Exchange data.

Shahjalal Equity Management Limited is in charge of the company’s issue management in the IPO.

As per the company’s audited financial statements for the first quarter ended on September 30, 2020, the net asset value per share without revaluation and earnings per share were Tk 16.84 and Tk 0.48 respectively.

Bangladesh Securities and Exchange Commission (BSEC) had approved the IPO proposal of ACME Pesticides on July 19.

As per the regulatory approval, the company will not be allowed to issue bonus shares within four years from the date of its debut in share trading.