Intraco Natural Gas Station to sell 92% of its pre-IPO shares in Intraco Refueling

Intraco Natural Gas Station is going to sell 29.6 lakh out of its 31.9 lakh placement shares in Intraco Refueling Station at the prevailing market price through the Dhaka Stock Exchange (DSE).

Placement is basically a private sale of large blocks of shares before a stock is listed on a stock exchange.

Of the shares, 14.6 lakh will be sold in the public market, and 15 lakh in the block market, according to a disclosure by Intraco Refueling on the DSE website on Tuesday.

Intraco Natural's Managing Director Mohammed Riyadh Ali is also the managing director at Intraco Refueling.

Therefore, as a listed entity, Intraco Refueling disclosed Intraco Natural's sale intention through the DSE as both have the same managing director.

Intraco Refueling Station is engaged in the fuel business through CNG stations. The firm was listed on the stock exchanges in 2018.

The company is trying to collect Tk50 crore through issuing bonds to set up eight more stations.

Earlier, it raised Tk30 crore from the stock market through an initial public offering in order to establish a bottling plant at Chattogram's Patenga.

But later, it changed the project and decided to purchase a newly-built LPG cylinder manufacturing factory after taking approval from its shareholders.