The share subscription for the initial public offering (IPO) of Genex Infosys kicked off on Sunday, officials said.
Genex Infosys, an IT company, will raise a fund worth Tk 200 million from the capital market under fixed price method.
The company’s IPO subscription by the eligible investors through electronic subscription system will be continued till 5:30pm of November 29 next.
The capital market regulator – Bangladesh Securities and Exchange Commission (BSEC) – had approved the company’s IPO proposal on September 04.
As per the securities regulator’s approval, Genex Infosys will offload 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
A market lot is of 500 shares and an investor will be needed Tk 5,000 to apply for per lot of the company’s IPO.
The required amount (per lot) of foreign currency for NRBs and foreign applicants for IPO of the company are US$ 60.17 or GBP 46.46 or EUR 52.74, according to Dhaka Stock Exchange (DSE).
The company will utilise the fund to expand call centre business, repay bank loan partially, and bear the IPO expenses.
The company’s pre-IPO paid-up capital is Tk 616 million and post-IPO paid-up capital will be Tk 816 million. Its authorised capital is Tk 1.0 billion.
As per financial statement for the year ended on June 30, 2017, the company’s weighted average of EPS (earnings per share) is Tk 1.89, while the net asset value (NAV) per share Tk 13.96, without revaluation.
Genex Infosys has a fully-owned (99.99 per cent) subsidiary company. Hence, the company’s consolidated NAV and weighted EPS of Genex Infosys stood at Tk 13.97 without revaluation, and Tk 2.02 respectively as of June 30, 2017.
Imperial Capital is working as the issue manager of the company's IPO.