Stocks
Techno Drugs Allocated IPO Shares
Techno Drugs Limited, a pharmaceutical company in the process of raising capital from the stock market through the book-building method, has allocated shares to applicants in its Initial Public Offering (IPO). Due to an oversubscription, shares were distributed proportionately among the applicants.
Domestic investors who applied for shares worth BDT 10,000 received 11 shares each, while those who applied for Tk 10 lakh received 1,166 shares each. Non-resident Bangladeshi applicants were allotted 20 shares for every Tk 10,000 applied, and those who applied for Tk 10 lakh received 2,016 shares each. The share allocation took place on Tuesday, July 2nd.
Currently, there is no lottery system for IPOs in the stock market. Shares are allocated proportionately based on the number of applications received, as was the case with Techno Drugs’ IPO.
The company aims to raise Tk 100 Crore through the IPO. It received applications worth Tk 2 thousand 487 crore, significantly exceeding the target. Of this amount, Tk 2 thousand 412 crore came from general investors, and Tk 61 crore 17 lakh 57 thousand 194 came from eligible investors.
Applications for Techno Drugs’ IPO were submitted between June 9 and June 13. The cut-off price was set at Tk 34, and investors could purchase shares at 30% less than the cut-off price, amounting to Tk 24 per share.
The funds raised from the IPO will be used for purchasing new machinery, BMRE (Narsingdi factory), building construction (Gazipur factory), partial debt repayment, and issue management costs. According to the audited financial statements for the fiscal year ending June 30, 2023, the company’s Net Asset Value per Share (NAVPS) was Tk 27.74, including revaluation, and Tk 22.57 without revaluation. The Earnings Per Share (EPS) for the fiscal year was Tk 2.08, with a weighted average of Tk 3.25 over the past five years.
Imperial Capital Limited and EBL Investments Limited are managing the issue for Techno Drugs Limited.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
