ACME Pesticides Limited, a listed company in the pharmaceutical and chemical sector, has made a final decision to extend the timeline for utilizing its unused funds raised through the Initial Public Offering (IPO) by another one and a half years. General investors have already approved this proposal. On Sunday (21 December), the company sent an official letter regarding this matter to the regulatory authority BSEC, which was disclosed on Monday through the website of the Dhaka Stock Exchange (DSE).

According to the company’s IPO prospectus, the total funds raised amounting to BDT 3 billion (30 crore taka) were supposed to be fully utilized by June 30 of the current year. However, while BDT 2.186 billion (21 crore 86 lakh taka) was spent within the stipulated time, BDT 814 million (8 crore 14 lakh taka) remains unutilized. With the new approval from investors, the company will now be able to use this remaining amount until December 31, 2027.

A review of expenditure shows that ACME Pesticides spent BDT 1.004 billion (10 crore 4 lakh taka) on factory construction and infrastructure development within the specified period. Additionally, BDT 204 million (2 crore 4 lakh taka) was spent on ensuring electrical connections, and BDT 834 million (8 crore 34 lakh taka) was used for a project involving a new factory and integration of machinery. A further BDT 144 million (1 crore 44 lakh taka) was spent on IPO-related ancillary expenses.

Out of the remaining BDT 814 million, the company plans to use BDT 550 million (5 crore 50 lakh taka) to repay bank loans. However, since a loan-related case is currently under trial in the High Court, the use of this amount will depend on the final verdict of the court. In addition, ACME Pesticides has obtained investor approval to use approximately BDT 41 million (41 lakh taka), which remained unused from IPO-related expenses, as working capital or for regular business operations.