Institutional investors who participated in the initial public offering (IPO) of Asiatic Laboratories through the book-building method have requested the return of their deposits, amounting to Tk43.18 crore. The subscription process has been on hold since January 2023, as the securities regulator suspended it following complaints of overstatement in fixed assets by the company. The Dhaka Stock Exchange Brokers Association of Bangladesh has communicated this matter to both the DSE and the Bangladesh Securities and Exchange Commission (BSEC).
Asiatic Laboratories had been permitted to raise Tk95 crore through IPO in August of the previous year. The cut-off price for institutional investors was determined at Tk50 per share, while general investors will acquire shares at Tk20 each, per BSEC rules.As of October 2022, the auction to determine the cut-off price for Asiatic Laboratories’ shares took place, and institutional investors deposited funds into the DSE’s account. The DSE subsequently transferred the money to Asiatic’s account.