The Bangladesh Securities and Exchange Commission (BSEC) approved Navana Pharmaceuticals Limited’s initial public offering (IPO) on Wednesday, allowing the company to raise Tk75 crore from the stock market (IPO).
The book-building process will establish the share cut-off price, and regular investors will receive a 30% discount on the cut-off price.
Tk23.24 crore will be used for a new general production facility, Tk9.73 crore for new utilities and engineering building, and Tk17.85 crore for refurbishing the cephalosporin plant, Tk21.18 crore for debt repayment, and the remainder for IPO expenses, according to the pharmaceutical business.
The issue managers are UCB Investment Ltd, Asian Tiger Capital Partners Investment Ltd, and EBL Investments Ltd, and the registrar is AFC Capital Limited.
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