Navana Pharmaceuticals gets IPO approval

The securities regulator has approved the initial public offering (IPO) proposed by Navana Pharmaceuticals Limited.

The company will raise Tk 75 crore through the book-building method, said the Bangladesh Securities and Exchange Commission (BSEC) in a statement on Wednesday.

The IPO proceeds will be spent on construction of new general production buildings, Construction of new utility and engineering buildings, Cephalosporin unit reform, Partial debt repayment and meeting IPO costs.

According to the company’s audited financial statements as of July 1, 2021 to March 31, 2022, the Net Asset Value (NAV) with revaluation was Tk 43.53, NAV without revaluation was Tk 19.02, And the Earnings Per Share (EPS) was Tk 2.39 at the weighted average rate of the last 5 years.

The BSEC has also decided to allow the Navana pharmaceuticals Limited to disburse 15 per cent of IPO shares with Cut off price 30 per cent Discount to its employees and lock-in period for two years.

Asian Tiger Capital Partners Investment and EBL investments will jointly act as the issue manager for the IPO process.

The BSEC also approved the draft prospectus of the open-end Blue-wealth 1st Balance Fund. The initial size of the fund would be Tk 25 crore. Of the figure, Blue-wealth assets Limited will provide Tk 2.5 crore as the sponsor and the remaining will remain open for subscription for the general investors. Per unit price of the fund is Tk 10.