Baraka Patenga IPO subscription opens Sunday

Subscription for the initial public offering (IPO) of Baraka Patenga Power will start Sunday.

The subscription will end on Thursday.

On January 5, Bangladesh Securities and Exchange Commission (BSEC) approved the bidding of the company under the book-building method.

The bidding (auction) was called from February 22 to 25 to determine the cut-off price of the company. The cut-off price of the company was set at Tk 32 after the bidding.

Baraka Patenga Power will raise Tk 225 crore from the stock market. The raised money will be used to invest in its subsidiaries Karnaphuli Power and Baraka Shikalbaha Power, partial long-term debt repayment and meeting the IPO costs.

The company’s consolidated earnings per share was Tk 4.37 in 2019-20 fiscal year, according to the financial statement. LankaBangla Investments is the issue manager of the company.