Index Agro’s cut-off price fixed at Tk 62

The cut-off price of shares of Index Agro Industries has been fixed at Tk 62 each through electronic bidding.

The bidding took place from 5:00pm on November 1 to 5:00pm on November 4, as per the book building method.

During the period, 191 eligible investors (EIs) offered different prices to buy the company’s shares. Among them, most bids were Tk 61 and Tk 51 each, according to the data from the electronic subscription system (ESS) disclosed on Sunday.

A total of 16 bidders offered Tk 61 each and 12 bidders offered Tk 51 each to buy the company’s shares.

The highest bidding price was Tk 100 and the lowest bidding price was Tk 11 each, according to the ESS data.

Earlier, the 739th meeting of the Bangladesh Securities and Exchange Commission (BSEC) on September, 10 approved the company's bidding.

As per the regulatory approval, the company will raise a capital worth Tk 500 million from the capital market under the book-building method.

The company's earnings per share (EPS) for the 2018-19 financial year was 7.07 taka. According to the last 5 financial statements, the average earnings per share has been 5.60 taka. On June 30, 2019, the company's net asset value per share (NAVPS) stood at Tk 45.03.

AFC Capital and EBL Investments are the issue managers of the company.