Navana Pharma’s IPO subscription opens September 13

Navana Pharmaceuticals, which has received approval to raise money from the stock market through the book building method, will start receiving applications for its initial public offering (IPO) subscription from September 13 to 19.

Earlier, the cut-off price of the company was fixed at Tk 34 in the bidding. To determine the cut-off price, the bidding of the company was held from 5:00pm on July 4 to 5:00pm on July 7.

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

Besides, 15 percent shares will be issued to the officers and employees of the company by 20 percent above the fair value, which will be locked in for two years.

Navana Pharmaceuticals will raise Tk 75 crore from the stock market through an initial public offer (IPO) through book building method, which will be used for building construction, renovation of Cephalosporian unit, debt repayment and IPO-related expenses.

The company’s earnings per share (EPS) for the 9 months (July’21-March’22) stood at Tk 2.39 and according to the last 5 financial statements, the weighted average profit per share has been Tk 2.52.

As on March 30, 2022, the company’s net asset value per share (NAVPS) stood at Tk 43.53 including revaluation and without revaluation, the amount of this asset is Tk 19.02.

Note that Asian Tiger Capital and EBL Investments are the issue managers of the company.

On June 8, the regulatory body, Bangladesh Securities and Exchange Commission (BSEC) approved Navana Pharmaceuticals’ IPO through book building method.