The Bangladesh Securities and Exchange Commission (BSEC) yesterday gave approval for Baraka Patenga Power to find a cut-off price through bidding for its initial public offering (IPO) to raise Tk 225 crore in funds from the stock market.

The approval came at a meeting of the capital market regulator on its premises.

The power producer intends to use the IPO proceeds in making investments on its subsidiaries, Karnaphuli Power and Shikalbaha Power, and repay bank loans, the BSEC said in a press release.

The company's consolidated per share net asset value was Tk 23 as of June 30, 2020. The consolidated earnings per share was Tk 4.37 while weighted average EPS Tk 3.30.

LankaBangla Investments is its issue manager.