Index Agro got BSEC nod for drawing Tk 50 crore through book building process

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Index Agro got BSEC nod for drawing Tk 50 crore through book building process

Index Agro Industries Limited is coming to the capital market through the initial public offering of book building method. The Bangladesh Securities and Exchange Commission (BSEC), the regulator of the capital market, has approved the setting of a cut-off price for the company’s shares through electronic bidding with the participation of eligible investors. The approval was given at the 639th commission meeting on Thursday.

According to BSEC sources, Index Agro will raise  Tk 50 crore from the capital market through book building IPO. The money raised will be used for construction of buildings, purchase of new equipment and tools and IPO process.

According to the consolidated financial report for the financial year ended June 30, 2019, the company’s net asset value per share (NAVPS) with revaluation reserves was Tk  45.03, excluding revaluation reserves which was Tk 44.08. The company’s earnings per share (EPS) for the year under review was Tk 6.8. On the other hand, according to the last five financial statements, the company’s EPS is Tk 5.60 paise at an average weighted net profit after tax.

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