Cut-off price for ADN Telecom shares set at Tk 30

The cut-off price for ADN Telecom shares has been set at Tk 30.

The information was announced on the bidding site (http://www.essbangladesh.com/) on Thursday.

The bidding began at 5pm on Monday and ended at 5pm on Thursday.

Investors who participated in the auction have been allocated Tk 356,250,000 in shares at this price. The Initial Public Offering (IPO) will

be issued at a 10 percent discount price for a total valuation of Tk 213,750,000.

This means that investors will be able to purchase ADN shares at Tk 27.

The maximum price among the 600 bidders at the auction was Tk 45 and the minimum was Tk 15. A total valuation of Tk 4,142,705,000 was proposed.

The Bangladesh Securities and Exchange Commission, the regulatory body, approved ADN Telecom’s bidding.

ADN Telecom will raise Tk 570 million from the stock market. Approximately Tk 356,250,000 will be allocated to investors who took part in the bidding.

The company will also raise Tk 570 million from the share market through the book building system for its IPO. The money will be spent on developing infrastructure, building data centres, paying off bank loans and IPO-related costs.

ICB Capital Management is handling the IPO for the company.