Brain Station 23 PLC, a well-known IT company in Bangladesh, wants to raise Tk5 crore through a Qualified Investor Offer (QIO) on the SME platform of stock exchanges. They plan to issue 50 lakh shares at Tk10 each for business expansion.
Lankabangla Investments Ltd is helping with the fundraising. The company will use the funds, outlined in their prospectus, to buy computers and IT equipment worth Tk4.70 crore. This includes laptops, desktops, servers, and networking items. The buying process will start after getting the QIO fund and finish within 24 months.
Raisul Kabir, the company’s managing director, says Brain Station 23 aims to join the capital market to grow in the IT sector at home and abroad. This move also aims to let employees share in the company’s capital shares.
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Founded in 2006, Brain Station 23 is one of Bangladesh’s largest IT solution providers, employing 700 professionals serving over 300 clients globally. They offer various IT services, including software development, web hosting, and support.
In terms of finances, the company earned Tk29 crore last fiscal year, with a major chunk coming from software services. They plan to reduce reliance on local revenue from one-third to 24% in the next five years by expanding globally.
The company is actively seeking clients in Finland, Spain, New Zealand, Austria, Saudi Arabia, and Malaysia for revenue growth in Asia and Oceania. Although their profit after tax slightly dropped from Tk8.39 crore to Tk8.21 crore in the first quarter of the current fiscal year, their overall revenue increased to Tk33.13 crore.
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Brain Station 23’s authorized capital is Tk100 crore, and their paid-up capital is Tk42.76 crore, as per their draft prospectus. The company sees potential in the growing demand for IT services in Bangladesh and globally, with businesses and government entities adopting automation.
Despite challenges from the pandemic, the IT sector is bouncing back, attracting customers worldwide. Brain Station 23 believes it can contribute significantly to the country’s economy through continued growth in the dynamic IT sector.
