Navana Pharma launches IPO today

Business Desk :
The initial public offering (IPO) of Navana Pharmaceuticals will open for subscription today (Tuesday), aiming to raise Tk 750 million under the book-building method.
The IPO subscription period will continue until September 19, officials said.
Navana Pharma received the regulatory approval for its IPO on June 8 this year.
Eligible investors took part in the price discovery of the IPO shares by bidding for 72 hours from July 4 to July 7, a requirement for going public under the book-building method.
Following the bidding, the cut-off price for each share was fixed at Tk 34.
However, general investors will be able to purchase its IPO shares at a 30 per cent discount on the cut-off price, as per the regulatory approval.
As per the present rule, resident Bangladeshis applying for IPO subscription must have a minimum investment of Tk 50,000 in matured listed securities at market price as on September 5 while the investment figure is Tk 100,000 for non-resident Bangladeshi (NRB).
The minimum and the maximum amount allowed for subscription for the general public would be Tk 10,000 only.
The company will use the IPO proceeds to build a new general manufacturing unit, construct new utility & engineering buildings, renovate cephalosporin unit, repay loan partially and meet the IPO expenses.