Bidding of JMI Hospital starts

The bidding of JMI Hospital Requisite Manufacturing Limited, which got approval to raise money from the stock market through book building method, started on Sunday.

According to Dhaka Stock Exchange (DSE), bidding for the company will continue until January 12 (Wednesday).

The company wants to raise Tk 75 crore from investors in the stock market.

JMI Hospital held a road show at Bangabandhu International Conference Centre on October 20, 2019 to raise money from the stock market using the book building method.

However, the Bangladesh Securities and Exchange Commission (BSEC) had rejected the company’s IPO application on July 30 last year.

But the commission approved the bidding on November 16 to bring the company to the market.

The company wants to use the money for land purchase, building construction, purchase of machineries, loan repayment, etc.

According to the audited financial statements of the company for the financial year ended on June 30, 2020, the net asset value per share stood at Tk 27.78 without revaluation and net asset value per share with revaluation stood at Tk 29.99.

The company has earned average earnings per share (EPS) of Tk 2.42 over the past five years.

The paid-up capital of the company is Tk 90 crore. The company will issue shares to the general investors at a discount of 20 percent of the cut-off price and will no longer be able to approve any type of inter-company loan.

In addition, the company may not declare, approve or distribute any dividend prior to listing on the stock exchange.

ICB Capital Management and Janata Capital and Investment Limited are acting as issue managers to raise the money.