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United Power, Peninsula Hotel IPOs get BSEC nod

Generation Next’s rights shares offer approved

Staff Correspondent

The Bangladesh Securities and Exchange Commission on Tuesday approved two initial public offerings, one rights share offer and an open-ended mutual fund.
The decision was taken at a regular meeting of the commission presided over by its chairman M Khairul Hossain.
The BSEC approved the bidding of United Power Generation and Distribution Company for 3.30 crore shares to fix the issue price under the book-building method.
The indicative share price of United Power Generation was approved at Tk 60 per share, including Tk 50 premium, by 28 eligible institutional investors.
After the bidding, the issue price will be fixed and the commission will approve the IPO prospectus, said a BSEC press release issued on the day.  
According to the 31 December 2012 financial statement of the United Power, the earning per shares is Tk 10.21 and the company will repay its long-term debt and arrange current capital from the IPO proceeds.
The BSEC at the same meeting approved the IPO of Peninsula Chittagong Ltd for floating 5.5 crore ordinary shares at the price of Tk 30, including Tk 20 premium, for each share.
The company will raise Tk 150 crore from the IPO for building new facilities and business expansion.
The audited financial statement of the company on 30 June 2013 showed the earning per share was Tk 2.49 and net asset value, including asset revaluation, was Tk 32.73.
The BSEC also approved the rights shares of Generation Next Fashion Ltd at the rate of 2:3 where investors will get two new shares for three existing shares.
The company will float 11.24 crore rights shares at Tk 10 each share and will use the proceeds for paying BMRE loans.
The BSEC also approved Tk 10-crore CAPM Unit Fund where the sponsor will invest Tk 1 crore and rest of the money will be collected by issuing unit.
The face value will be Tk 100 for each unit and this will be the first open-ended fund which will be traded electronically through electronic certificates. 




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