The Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of AFC Health Ltd for an Initial Public Offering (IPO) to raise Tk17 crore by issuing 1.70 crore shares.
The BSEC approved the proposal at a meeting on Wednesday, and also released a statement regarding the matter.
Each share of the company will have a face value of Tk10.
The company will use this fund to acquire machinery and equipment, and meet IPO costs.
According to the audited financial report for the year ended on June 30, 2019, earnings per share of the company was Tk1.47. Its net asset value per share was Tk13.13 without revaluation.
The weighted average earnings per share of the company, in the last five years, stood at Tk0.84.
Imperial Capital Ltd and CAPM Advisory Ltd are working as issue manager of the company for its IPO process.
AFC Health Ltd aims to bring healthcare facilities to the people of Bangladesh.
The company provides Cardiology, Cardiothoracic Surgery, Dialysis, Psychiatry, Dietetics & Nutrition, Pharmacy and Ambulance services.
The authorised capital of the company is Tk300 crore while the paid-up capital is Tk145 crore.
Of the shares, the directors and sponsors jointly hold 35.44% shares, while private placement holders hold the rest.