Navana Pharma IPO subscription to begin on September 13

The primary subscription period for Navana Pharmaceuticals Ltd.’s initial public offering (IPO) will begin on September 13 and end on September 19.

Last month, the cut-off price for the company’s shares was set at Tk 34 per share using an electronic subscription system.

Previously, the company received regulatory BSEC clearance to fund Tk 75 crore from the stock market under the book-building approach.

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.

Navana pharmaceuticals Limited allow 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, according to The BSEC order.

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