Navana Pharma’s IPO bidding to open July 4

The bidding for eligible investors (EIs) to explore the cut-off price of IPO shares of Navana Pharmaceuticals will begin on July 4, according to a filing with the Dhaka Stock Exchange (DSE) on Wednesday.

The bidding – a requirement for going public under the book-building method – will continue until 5 pm on July 7, aiming to raise Tk 75 crore under the book-building method.

Navana Pharmaceuticals 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.

Eligible (EI) investors, intend to submit application should maintain a minimum investment of Tk 3 crore at market price in matured listed securities as of June 26 while the amount would have to be Tk 1.5 crore for pension funds, recognised provident funds and gratuity funds.

The minimum bidding value will be Tk 20 lac which is in accordance with the aforementioned consent letter to Navana Pharmaceuticals dated June 19.

A report will be sent to the stock exchanges by the Central Depository Bangladesh Ltd (CDBL) regarding the holding of EIs in listed securities and the exchange shall ensure compliance in this regard.

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 on 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.