Borak Real Estate Limited, a subsidiary of Unique Hotel and Resorts Limited, is planning an IPO to raise Tk400 crore, with a roadshow scheduled for October 18. The IPO will utilize the book-building method, where institutional investors set a reference price and general investors receive a discount. The company intends to allocate Tk100 crore from the IPO proceeds to repay high-cost bank loans and the remainder for new construction projects. BMSL Investment Limited and Swadesh Investment Management Limited will serve as the issue managers.
Established in 1991, Borak Real Estate specializes in urban luxury apartments and commercial spaces, with notable projects including the Unique Trade Centre and the Westin Dhaka hotel. Unique Hotel and Resorts, the parent company, has been listed since 2012, with shares closing at Tk65 apiece and a 20% cash dividend recommendation for FY2022–23. Additionally, Borak Real Estate and Unique Hotel have a profit-sharing agreement for the Sheraton Dhaka hotel, further diversifying their operations. Eastern Housing is currently the only listed real estate company, with shares closing at Tk91.50 and a 25% cash dividend recommendation for the last fiscal year, signaling growth in the sector.
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