Confidence Power and Energy PLC, a power-sector company under Confidence Group, will hold a roadshow on 18 October as it moves ahead with plans to raise capital from the primary market through an initial public offering (IPO) under the book-building method.
According to company sources, the roadshow, aimed at institutional investors, will begin at 7pm at the Radisson Blu Water Garden Hotel in Dhaka. Eligible investors will also be able to participate virtually through a dedicated digital platform.
At the event, the company will present its financial performance, business outlook and planned capital expenditure to potential institutional bidders ahead of the share-price discovery process, according to the company.
Under the book-building system, eligible institutional investors submit bids within the prescribed framework, and the bidding process is used to determine the cut-off price of the shares before the IPO is offered to other investors.
The company has invited a broad range of eligible investors to the roadshow, including merchant banks, portfolio managers, asset management companies, stock dealers, commercial banks, financial institutions, insurance companies, fund managers, alternative investment funds, non-resident investors with registered security custodians, and recognised provident and pension funds.
UCB Investment Limited is acting as the issue manager for the proposed IPO, while Prime Bank Investment PLC is serving as the registrar to the issue.
Confidence Power and Energy was established in 2017 as a concern of Confidence Group. The company currently operates four independent power producer (IPP) plants in Bogura, Rangpur and Chattogram, along with an oil and shipping plant at the Natakhola shoreline.
Its power-generation portfolio comprises 31 MAN and Rolls-Royce engines with a combined generation capacity of 394 megawatts.
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