The Bangladesh Securities and Exchange Commission on Tuesday suspended share subscription of qualified investor offer of Doer Services amid various allegations.
The decision was made during the regulator鈥檚 939th meeting held on Tuesday at its headquarters at Agargaon in the capital Dhaka, due to concerns requiring further investigation.
To address these issues, the commission announced formation of an investigation committee, which would include officials from both the BSEC and the Dhaka Stock Exchange.
Recent media reports have raised questions about Doer Services鈥� service contracts, profitability and income sources.
In response, the BSEC has decided to thoroughly investigate these matters before proceeding further.
Doer Services鈥� QIO was initially approved during the commission鈥檚 911th meeting on June 9, 2024, under the leadership of former BSEC chairman Shibli Rubaiyat-ul-Islam.
On December 5, 2024, a written consent letter was issued by the commission鈥檚 current chairman Khandaker Rashed Maqsood.
The company鈥檚 share subscription period was scheduled to run from January 19 to January 23 through fixed price method via the DSE鈥檚 electronic subscription system.
Under regulatory approval, Doer Services planned to issue 50 lakh ordinary shares at a face value of Tk 10 each.
Only qualified investors were allowed to apply for the shares. Individual investors could also participate if they maintained a minimum investment of Tk 30 lakh on the secondary market by January 9.
Doer Services intended to allocate the raised funds as follows: Tk 3.28 crore for product development, Tk 51 lakh for setting up a cloud computing environment, Tk 28 lakh for product penetration and Tk 68 lakh for expanding its development facilities.
Founded in 2014, Doer Services began operations in February 2015. The IT company provides software development, customisation, web services, agent banking, software maintenance and call center services.
The company鈥檚 authorised capital is Tk 100 crore and paid-up capital is Tk 44.50 crore, according to the draft prospectus.
Notable clients of the company include Agrani Bank, the Insurance Development and Regulatory Authority, Microcredit Regulatory Authority and National Board of Revenue.
Doer Services would have been the first technology company to be on SME platform.
The stock exchanges introduced their SME platforms in September 2019 to attract businesses with small capital bases to the stock market and help them raise capital.
