- Mir Akhter will start share trading on 2 February, 2021.
- The cut-off price of its shares is Tk60 each.
- General investors will get a 10% discount to buy it at Tk54.
- The company's shares will be traded under the "N" category.
Mir Akhter Hossain Limited, one of the largest construction and engineering firms of the country, will start trading its shares on both the stock exchanges from 2 February (Tuesday) under the "N" category.
Meanwhile, the company's shares were credited to respective beneficiary owners' accounts on 31 January this year.
Mir Akhter Hossain Limited held an initial public offering (IPO) lottery on 21 January, 2021 to allocate its shares to general investors.
The company's IPO subscription was held between 24 December and 30 December last year under the book building method.
On 5 November last year, the Bangladesh Securities and Exchange Commission (BSEC) gave its approval to the company to raise Tk125 crore through an IPO.
The company says it will use the money for expanding business, purchasing equipment and repaying bank loans.
From the IPO fund, the company would use: Tk50.30 crore to purchase heavy equipment, Tk12.70 crore on an aggregate processing plant, Tk4.67 crore on an asphalt plant, Tk3.74 crore on a concrete batching plant, Tk10.08 crore to construct a warehouse and workshop for equipment maintenance and refurbishment, and Tk40 crore to repay bank loans.
On 13 August last year, the stock market regulator allowed the company to determine the cut-off price of its shares through bidding by eligible investors – a requirement for going public under the book-building method.
The cut-off price of the shares was fixed at Tk60 each after the bidding. General investors will get a 10% discount on the cut-off price to buy it at Tk54.
IDLC Investments is the company's issue manager.
In the fiscal year 2018-19, Mir Akhter's total revenue was Tk426.70 crore and the net profit was Tk63.24 crore. In the fiscal year 2017-18, the company's profit stood at Tk61.87 crore.
According to the audited financial statements of Mir Akhter, as of 30 June, 2019, the company's weighted average earnings per share in the last five years was Tk6.21, and net asset value per share was Tk34.71, including re-evaluated reserves.
Established in 1968, Mir Akhter Hossain Ltd implements infrastructure development projects across the country. These projects include the construction of: roads, bridges, highways, railroads, five-star hotels, power plants, and factories.
Mir Akhter is currently implementing 34 development projects.