Al-Madina Pharma’s market debut Monday
The medicine manufacturer has issued 50 lakh shares at a face value of Tk10 each
Al-Madina Pharmaceuticals will commence the trading of its shares on the SME Platform of the Dhaka Stock Exchange (DSE) on Monday.
On 1 February this year, the Bangladesh Securities and Exchange Commission approved the drugmaker's plan to raise Tk5 crore from the market through a qualified investor offer (QIO).
The company has issued 50 lakh shares at a face value of Tk10 each, and used the fund to expand its business and repay loans.
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The electronic subscription of Al-Madina Pharmaceuticals was held from 7-11 May 2023.
Eligible investors, who have maintained a minimum investment of Tk20 lakh in the secondary market, applied for shares at a close price in mature listed securities as of 25 April 2023.
The newly listed company reported a 6% fall in profit in the first half of the fiscal 2022-23.
According to the financials published on Sunday, its net profit declined to Tk1.73 crore, and earnings per share (EPS) to Tk1.13 for the July-December period of 2022.
At the same time of the previous year, its profit was Tk1.84 crore and EPS was Tk1.24.
Al-Madina Pharma will not be able to declare any stock dividends for three years after its stock market listing.
The company, incorporated in 2006, manufactures more than 150 veterinary drugs and imports over 70 human drugs.
According to its prospectus, the company's revenue was Tk32.67 crore from July to December of 2021, compared to Tk20.93 crore in the same six months of the previous year.
It made a profit of Tk1.85 crore, which was Tk0.76 crore a year ago.
