Brain Station 23 PLC has re-applied for its stock listing on the local bourses’ small-cap platform, following its withdrawal during the July uprising last year due to business uncertainties caused by the internet shutdown.
On 28 October, the company submitted its new application to the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk 5 crore through an Initial Qualified Investor Offer (IQIO) by issuing new shares at a face value of Tk 10.
“We had requested a 3–6 month postponement during the previous listing process due to the uncertainties caused by the internet shutdown. Since the laws didn’t allow a pause, the Board voluntarily withdrew the application to safeguard public funds and reduce potential business risks,” Brain Station Managing Director and CEO Raisul Kabir told TIMES on Thursday.
“Our fresh submission reflects the same commitment to financial transparency, building confidence among clients and investors, and empowering employees,” he added.
Despite the uncertainties, Brain Station achieved an 18.1% increase in revenue, reaching nearly Tk 153.7 crore in the fiscal year 2024-25. Its gross profit increased by 4% to Tk 32.2 crore.
However, net profit after tax dropped by 26.6% to Tk 16.13 crore while earnings per share stood at Tk 3.77 and net asset value rose to Tk 25.58 at the end of June.
Founded in 2006, Brain Station 23 provides digital solutions globally, with offices in Germany, Malaysia, the USA, UAE, and Japan.
The IQIO is aimed at strengthening the company’s capital base, enhancing market position, boosting investor confidence, and promoting employee retention through the Employee Share Ownership Plan (ESOP), according to Raisul Kabir.
UCB Investment Limited has been appointed as the issue manager for the IQIO.
“Brain Station IQIO initiative is seen as a significant step forward for Bangladesh’s innovation landscape and the country’s growing digital economy,” UCB Investment Managing Director and CEO Tanzim Alamgir said in a statement.
Bangladesh’s stock market is yet to see any new listing in 2025 due to the regulator’s hardline against applications with inflated financials and the ongoing reforms of rules.
Brain Station 23 is the second company to apply for the small-cap board listing this year.
Its paid-up capital is Tk 42.75 crore, which will rise to Tk 47.75 crore post-IQIO.
