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** Excessive fuel price hike causing terrible hardship yet govt admits no regret ** Bangladesh received $732m loan from IMF as balance-of-payment aid for Covid ** A group of students holds a sit-in programme by tying black clothes over their faces in front of the Petrobangla building at Karwan Bazar on Wednesday to protest against the fuel price hike and demand the resignation of Bangladesh Petroleum Corporation (BPC) Chairman ABM Azad. NN photo ** ‘Hike in fuel price could have been avoided’ ** Finance minister warns on BRI loans from China ** The major rivers in Barishal division flow over the danger level that causes inundation in most of the areas of Barishal city. The photo was taken from Vola Kheyaghat area of Tetulia River on Wednesday. NN photo ** BD did not ask Swiss banks for its citizens' deposited money : Swiss envoy ** Dollar soars to record Tk 119 in kerb market ** Dysfunctional referral system creates anarchy in medical services ** Health ministry's TC law strengthening initiatives welcomed ** Forget western sanctions on Myanmar, instead, think of an emergency govt to save us from impending catastrophe ** Young man set his motorcycle on fire after getting angry with traffic sergeant ** Vehicles get stuck on Dhaka-Chattogram Highway at Gouripur, Daudkandi Upazila in Cumilla on Monday morning as a long tailback was created on the road due to heavy pressure of vehicles, causing immense sufferings to the commuters. NN photo ** Dollar rate hits all time high at Tk 115 in kerb mkt ** RMG sector loses bargaining power ** US Senate clears landmark climate change bill ** Rape, robbery in running bus on the rise ** Holy Ashura today ** Country takes on more reserve fattening World Bank loans ** Launches remain anchored at Daulatdia ferry ghat in Rajbari on Saturday due to lack of passengers. NN photo ** City buses overcharge passengers defying govt order ** NBR yet to receive any instruction for tax cut on fuel import ** People to bear the brunt ** Low, middle income earners puzzled to bear family cost ** Gang raped on running bus: 5 held in Gazipur **

IPO subscription of ADN Telecom begins

05 November 2019


Economic Reporter :
The Initial Public Offering (IPO) of ADN Telecom Limited begins from Monday with the company aiming to raise Tk57 crore from the capital market through Book Building method.
The IPO will stay open for both resident and non-resident Bangladeshis till November 11 this year. The market lot is consisted of 100 shares while each IPO share is priced at Tk27.
The Bangladesh Securities and Exchange Commission (BSEC) last September approved the prospectus for the IPO of ADN Telecom.
The cut-off price on the Initial Public Offering of ADN Telecom was set at Tk27 per share as the company aims to raise Tk57 crore from the capital market.
As per the book building method, eligible institutional investors took part in the price discovery of the shares by bidding over a fixed time.
The BSEC on August 15 last year allowed ADN Telecom to conduct eligible institutional investors (EII) bidding under the book building method of public issue rules.
The commission, under the public issue rules, decided to offer ADN's IPO shares to general and non-resident Bangladeshi investors at 10% discount of cut-off price which was set by the bidding of the institutional investors.
As per the bidding of EIIs, the cut-off price of the company's shares stood at Tk30 and so shares would be allotted to general investors along with NRB investors at Tk27 each.
Under the public issue rules, of the 1.97 crore IPO shares of ADN, 1.18 crore will be allocated to EIIs, 79.16 lakh shares will be offered to the general and NRB investors.

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