Homegrown software firm Doer Services will raise Tk 50 million through a qualified investors offer (QIO) for business expansion.
Share subscription of the company will begin on January 19 and continue until January 23 under the fixed price method through the electronic subscription system of the stock exchanges, according to a stock exchange filing on Wednesday.
Only qualified investors are allowed to submit applications for the company’s shares through the electronic subscription system.
Individual investors will also be able to submit applications if they maintain a minimum investment of Tk 3 million in the secondary market until January 9.
The Central Depository Bangladesh Ltd (CDBL) shall send a report to the exchange regarding the holdings of QIs in listed securities. The exchange shall ensure compliance in this regard.
On June 9 last year, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise the said amount through listing on the SME platform of the Dhaka bourse.
As per the regulatory approval, the IT firm will issue 5 million ordinary shares at a face value of Tk 10 each.
The company will use the fund for product development, cloud computing, market penetration and facility expansion.
The capital will enable the firm to scale up operations, enhance offerings, and potentially contribute more to the country’s economy through local and international businesses.
It has begun operations in February 2015. Its principal products and services include software development, software customization, web page & data transmit, agent banking, and software maintenance and call centre services.
Agrani Bank, Insurance Development Regulatory Authority, Microcredit Regulatory Authority, and the National Board of Revenue are major clients of the company.
Alpha Capital Management Ltd is the issue manager of the QIO.
The procurement process will start on the availability of the QIO fund and will be completed within two years.
The company’s earnings per share stood at Tk 4.86 for FY23, while net asset value per share Tk 17.85. Its authorised capital is Tk 1 billion and paid-up Tk 445 million, according to the draft prospectus.
Genex Infosys, eGeneration, Daffodil Computers, and Infinity Technology International are the major competitors of the company, which are listed on the main boards of the bourses. thefinancialexpress.com.bd
