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The initial public offering (IPO) of Navana Pharmaceuticals Limited is set to open for subscription today and will continue until September 19.
With IPO, the company will raise a fund of Tk75 crore from the capital market under the book-building method.
Earlier, on June 8 this year, the company received regulatory approval for its IPO.
Following the approval, eligible investors took part in the price discovery of the IPO shares, a requirement for going public under the book-building approach, by bidding from this July 4 to July 7.
Latter on, the cut-off price for the company’s IPO shares was set at Tk34 per share using an electronic subscription system.
However, general public will enjoy a 30 per cent discount on the cut-off price, as per the regulatory approval.
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 expenses.
According to the company’s audited financial statements from July 1, 2021 to March 31, 2022, the net asset value (NAV) with revaluation was Tk43.53, NAV without revaluation was Tk19.02, and the earnings per share (EPS) was Tk2.39 at the weighted average rate of the last 5 years.
