Popular Pharmacuticals plans to raise Tk70cr through IPO

As per its plan, the company will raise Tk70 crore through Initial Public Offering (IPO) using book building method. A road show will be held on October 24 in this regard. “By offloading shares to public, we would like to collect fund worth Tk70 crore, of which Tk23 crore will be used to pay long-term loan, Tk44 crore for business expansion and the rest Tk3 crore for bearing the IPO expenses,” said M A Malek Chowdhury, director (Industrial Operation) of Popular Pharmaceuticals while talking to the reporters during a visit to the factory yesterday. Malek said: “As we have witnessed growing demands of our products in the local and foreign markets, the IPO proceedings will be used for further enhancing our production capacity.” Last year, the company has exported medicine of Tk12 crore. Popular Pharma regularly exports its products to Sri Lanka, Myanmar, Macau, Vietnam, Afghanistan (in Asia), Kenya, Nigeria, Somalia (in Africa), Belize, Guatemala, Mexico, Chile (in Latin America), and Rumania (in Europe). According to the financial statement ended on June 30, 2016, Net Asset Value (NAV) per share was Tk35.12, while the Earning per Share is Tk0.96. In the first six month of the current year, the sales of the company stood at Tk225 crore. Started its commercial operation in 2005, Popular Pharmaceuticals has been producing Dry Syrup, oral liquids syrup and suspension, cream and ointment, tablets, Capsules, ophthalmic, Lyophilized injection, Insulin,  Prefilled syringe, Powder for Injection, vaccines and products for animal health.