• Wednesday, Sep 28, 2022
  • Last Update : 09:24 am

BSEC approves AFC Health’s IPO

  • Published at 03:36 pm September 16th, 2020
BSEC
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The BSEC gave the approval at a commission meeting held in Dhaka on Wednesday

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday approved the prospectus for initial public offering (IPO) of AFC Health Limited to raise Tk17 crore.

The BSEC gave the approval at a commission meeting held in Dhaka on Wednesday. BSEC chairman Professor Shibli Rubayat-Ul-Islam presided over the meeting.

Under the fixed price method,  AFC Health will offload three core ordinary shares for Tk10 each.

Net proceeds from the IPO will be used for purchase of machinery and equipment and to meet IPO expenses.

According to the financial statement ending June 30, 2019, the company's net asset value (NAV) per share was Tk13.13, while earnings per share (EPS) were Tk1.47.

Imperial Capital Limited and CAPM Advisory Limited will act as the issue manager for the IPO process.

AFC Health has provided tertiary level cardiac care facilities in Khulna, Chittagong and Comilla, affiliated with Fortis Escorts Heart Institute of India.

The stock market regulator also fined NRB Equity Management Limited for violating securities laws in the meeting. The organization was fined Tk10 lakh.

At Wednesday’s meeting, the BSEC also warned three institutions over their non-compliance with securities laws.

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