United Power, Peninsula Hotel allowed to float IPO

United Power, Peninsula Hotel allowed to float IPO!

United Power, Peninsula Hotel IPOs approved!  The Bangladesh Securities and Exchange Commission (BSEC) on Tuesday approved two new IPOs United Power Generation and Distribution Company and Hotel Peninsula Chittagong Ltd to go for public.

The decision came out at a regular meeting of the commission chaired by its chairman M Khairul Hossain.

The regulator has allowed the United Power Generation and Distribution Company (UPGDC) to conduct the bidding of 33 million shares for the purpose of going public under 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.   United Power, EPS per share is Tk 10.21 and the company will repay its long-term debt and arrange current capital from the IPO proceeds as per financial statement ended on 31 December 2012.

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.  

Posted in: Forth Coming IPO,IPO News