Bangladesh Securities and Exchange Commission Approves ADN Telecom’s Application for IPO

Bangladesh Securities and Exchange Commission (BSEC) approved, countries leading IT and Telecommunication service provider company-ADN Telecom’s application to issue shares to its eligible investors and general public, under the book building method. This approval was declared at a meeting held on Tuesday, 3 rd September at the office of Bangladesh Securities and Exchange Commission (BSEC), Dhaka.

This approval will allow ADN Telecom to issue over 11.87 million shares to its Eligible Investors at a price of Tk 30 each and Over 7.91 million shares will be issued to general investors at a price of Tk 27 each. The company will be utilizing the IPO (initial public offering) fund worth Tk 570 million to develop infrastructure, establish data center, repay bank loans and bear the IPO expenses.

As per the financial statement for the year ended on June 30, 2017, the net asset value (NAV) per share is Tk 16.13. The basic EPS (earnings per share) and adjusted EPS are Tk 2.52 and Tk 2.36 respectively. The weighted average EPS stood at Tk 1.81. ICB Capital Management Limited is assigned as the issue manager of the company.

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