Navana Pharma gets nod to raise Tk 75cr from capital market

The regulatory body Bangladesh Securities and Exchange Commission (BSEC) has approved Navana Pharmaceuticals to raise money from the capital market through an initial public offering (IPO) in a book building method.

Under this method, the company will raise Tk 75 crore from the capital market.

The approval was given at a regular commission meeting, according to a press release.

Navana Pharmaceuticals will spend the raised money to build new general manufacturing buildings, construction of new utility and engineering buildings, renovation of cephalosporin units, partial loan repayment and issue management costs.

According to the company’s financial statements for the period July 1, 2021 to March 31, 2022 (nine months), the net asset value per share with revaluation is Tk 43.53 and net asset value per share without revaluation is Tk 19.02.

The earnings per share (EPS) during the period under review was Tk 2.39 and the weighted average earnings per share (EPS) for the last 5 years was Tk 2.516.

Navana Pharmaceuticals will issue shares to general investors at a 30-percent discount from the cut-off price.

In addition, the company will issue 15 percent shares to employees and others at a 20-percent premium (maximum bidding limit) on fair value, which will remain locked in for 2 years.

Asian Tiger Capital Partners Investments and EBL Investments are in-charge of issue management of the company.

The company will not be able to declare, approve or distribute any kind of dividend before listing in the capital market.