The IT firm would use the IPO fund for purchasing business floor space, repaying loans and developing digital healthcare platforms
The Bangladesh Securities and Exchange Commission (BSEC) has approved the Initial Public Offering (IPO) proposal of eGeneration Ltd to raise Tk15 crore by issuing 1.5 crore shares on the capital market.
The securities regulator approved the IPO on Wednesday at a meeting held at its office, read a press release. Each share of the IT firm will have a face value of Tk10.
The company would use the IPO fund for purchasing business floor space, repaying loans and developing digital healthcare platforms.
As of 30 June 2019, the company's net profit was Tk10.90 crore, which was Tk10.49 crore in the previous year. During that period, the company's gross profit was Tk15.68 crore, which was Tk14.41 crore a year before.
At the same time, its earnings per share was Tk1.82 and net asset value per share Tk20.56.
As per the BSEC's decision, only institutional investors with a minimum of Tk1 crore investment in stocks can subscribe to the shares of the company under the electronic subscription system.
The company's IPO subscription will be determined in January 2021 for the interest of the investors, the regulator said.
The eGeneration started as a private limited company in November 2003, and began commercial operations the same year. It is a Bangladesh-based IT consulting and software solutions company.
The company has been working diligently with the aim of making Bangladesh a global brand in providing innovative solutions and moving beyond being a low-cost IT solutions provider.