Baraka Patenga Power’s IPO subscription starts 13 June
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
MONDAY, MAY 23, 2022
MONDAY, MAY 23, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Baraka Patenga Power’s IPO subscription starts 13 June

Stocks

TBS Report
11 May, 2021, 08:00 pm
Last modified: 11 May, 2021, 08:05 pm

Related News

  • Midland Bank files for Tk70 crore IPO
  • China $9b IPO plans stalled amid Covid outbreak
  • India mothballs plan to let local firms list overseas
  • BSEC to block Associated Oxygen’s pre-IPO shares for irregularities
  • Firms manipulate data to trick IPO investors

Baraka Patenga Power’s IPO subscription starts 13 June

The power generation company plans to raise Tk225 crore from the stock market with the IPO to expand its business

TBS Report
11 May, 2021, 08:00 pm
Last modified: 11 May, 2021, 08:05 pm
Baraka Patenga Power’s IPO subscription starts 13 June

The initial public offering (IPO) subscription of Baraka Patenga Power Limited will open on 13 June and continue until 17 June.

Every general investor participating in the subscription will receive the primary shares.

The Bangladesh Securities and Exchange Commission (BSEC) allowed Baraka to issue company stock at a cut-off price of Tk32 per share to institutional investors, and to raise Tk225 crore from the capital market to expand its business.

The general public will enjoy a 10% discount on the price.

Institutional investors set the cut-off price at a 72-hour bidding held between 22 February and 25 February this year.

On 5 January, Baraka Patenga received approval from the BSEC to explore the price of primary shares.

The company will utilise Tk144.34 crore, part of the IPO proceeds, to invest in two of its power generation subsidiaries – Karnaphuli Power Ltd and Baraka Shikalbaha Power Ltd.

The remaining funds will be used in repaying loans and meeting expenses of the IPO process, BSEC said in a statement.

LankaBangla Investments Ltd, a leading local merchant bank, is the issue manager for the Baraka Patenga IPO.

BSEC has barred the company from any efforts to increase its paid-up capital by issuing bonus shares within the next five years. Also, the company must hold at least 51% shares of its two subsidiaries.

At the end of fiscal 2019-2020, Baraka Patenga's net asset value (NAV) per share stood at Tk23 without asset revaluation surplus added, and the NAV per share was Tk20.98, excluding that of its subsidiaries.

In the last fiscal year, the consolidated earnings per share (EPS) stood at Tk4.37, which was Tk1.84 on a solo basis. The five-year weighted average of the company's consolidated EPS was Tk3.30, which would be Tk2.82 if the profits of subsidiaries were excluded.

Baraka Group, primarily a venture of non-resident Bangladeshis, started in the mid-2000s to develop a modern residential area in Sylhet.

The group entered the power generation business more than a decade ago and its first power venture – Sylhet Barakatullah Electrodynamics, now Baraka Power Ltd – is listed on both the bourses.

Baraka Patenga Power owns a 50MW power plant in Patenga, Chattogram, which went into commercial operation in May 2014. Baraka Power owns 51% shares of Baraka Patenga.

Baraka Shikalbaha, a 105MW heavy fuel oil-based power plant, came into production in May 2019, while Karnaphuli Power, a 110MW plant, started generating power in August the same year. 

Bangladesh / Economy / Top News

IPO / subscription / Baraka Patenga Power

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Why we must resist geoeconomic fragmentation—and how
    Why we must resist geoeconomic fragmentation—and how
  • Trucks with palm oil fresh fruit bunches are parked in a queue at a palm oil factory in Siak regency, Riau province, Indonesia, April 26, 2022. Picture taken with a drone April 26, 2022. REUTERS/Willy Kurniawan
    Indonesia policy uncertainty hampers resumption of palm oil exports
  • Photo: Collected
    It's a rumour, no Monkeypox patient detected at BSMMU: VC

MOST VIEWED

  • Photo- Salauddin Ahmed Paulash/TBS
    Envoy Textile to issue Tk200cr bond for machinery acquisition
  • Walton gets 3 years to offload 10% shares
    Walton gets 3 years to offload 10% shares
  • Photo: TBS
    Stocks jumpstart after finance minister called for support
  • Dacca Dyeing sees 68% profit decline in March quarter
    Dacca Dyeing sees 68% profit decline in March quarter
  • LR Global Bangladesh enters Agni Systems board with a 9% stake
    LR Global Bangladesh enters Agni Systems board with a 9% stake
  • File Photo/ UNB
    Finance minister calls for stock market stabilisation

Related News

  • Midland Bank files for Tk70 crore IPO
  • China $9b IPO plans stalled amid Covid outbreak
  • India mothballs plan to let local firms list overseas
  • BSEC to block Associated Oxygen’s pre-IPO shares for irregularities
  • Firms manipulate data to trick IPO investors

Features

Musk is denying the sexual harassment allegation that surfaced this week. Photo: Bloomberg

Elon Musk’s crazily banal week 

5h | Panorama
Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

8h | Brands
Keep your phone by your side with this armband

Keep your phone by your side with this armband

6h | Brands
Are Focallure gel masks worth the hype?

Are Focallure gel masks worth the hype?

7h | Brands

More Videos from TBS

Why are Duranta TV shows popular?

Why are Duranta TV shows popular?

37m | Videos
Donbas is hell, says Zelenskiy

Donbas is hell, says Zelenskiy

1h | Videos
Threat of Monkeypox on the horizon

Threat of Monkeypox on the horizon

2h | Videos
Mosque of Mughal period in Gazipur

Mosque of Mughal period in Gazipur

2h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

4
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab