Brain Station 23 backtracks from SME Board listing amid business risks | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
July 05, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JULY 05, 2025
Brain Station 23 backtracks from SME Board listing amid business risks

Stocks

TBS Report
04 August, 2024, 10:35 pm
Last modified: 04 August, 2024, 10:44 pm

Related News

  • City Touch app creator Brain Station 23 to go public
  • The secret to Brain Station 23’s success: Flexibility, creativity and spreading the ownership
  • Brain Station 23 wins NPO award
  • Brain Station 23 to implement Islamic banking for UCBL using Oracle Flexcube
  • Brain Station 23 to develop Modhumoti Bank’s digital platform Go Smart

Brain Station 23 backtracks from SME Board listing amid business risks

TBS Report
04 August, 2024, 10:35 pm
Last modified: 04 August, 2024, 10:44 pm
Brain Station 23 backtracks from SME Board listing amid business risks

Brain Station 23 Limited withdrew the Qualified Investor Offer (QIO) on the SME board of the stock exchange a month before the subscription, as its business is not on the right track for public investment.

"The disrupted connectivity nowadays is risking our business and might impact our shareholders and investors," Raisul Kabir, co-founder and CEO of the IT firm, told The Business Standard.

"We believe it will not be the right step to take on the responsibility of managing public equity amid the business uncertainty," he said, adding that following the decision of its board of directors, it has withdrawn the QIO.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

He said more than two-thirds of their customers are foreign ones, and they observe a confidence crisis there.

The subscription for its qualified investors was scheduled to open on 1-5 September.

Earlier, on 9 June, the company secured approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk5 crore.

The company developed the first in-country mobile app, City Touch, a digital banking platform of the City Bank, in 2017.

LankaBangla Investments Limited is working as the issue manager of the company.

It plans to spend Tk4.70 crore to procure computers and IT equipment to facilitate business expansion. This includes investments in laptops, desktops, MacBook Pros, network items such as switches, application servers, and storage servers, as well as transmission control protocol and WIFI solutions.

According to the company prospectus, the company currently relies on local revenue for one-third of its income, but it aims to reduce this to 24% over the next five years, aligning with its global expansion strategy.

From July to September of the last fiscal year, the company achieved a revenue of Tk33.13 crore, which was Tk27.71 crore in the same period of the previous year. During this quarter, its profit after tax stood at Tk8.21 crore, down from Tk8.39 crore one year ago.

Its earnings per share stood at Tk1.92, and its net asset value per share was Tk19.28 as of September 2023.

Its authorised capital is Tk100 crore and its paid-up capital is Tk42.76 crore, according to the draft prospectus of the company.

Brain Station 23

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Chief Adviser Professor Muhammad Yunus of the Bangladesh interim government. Sketch: TBS
    Holy Ashura: CA calls for establishing 'equality, justice, peace' in society
  • Saleudh Zaman
    Textile mill owners demand withdrawal of new taxes by Monday
  • Tarique Rahman. Sketch: TBS
    Struggle must continue until justice prevails in Bangladesh: Tarique Rahman

MOST VIEWED

  • A meeting of the Advisory Council Committee chaired by the Chief Adviser Muhammad Yunus held on 3 July 2025. Photo: PID
    Govt Service Ordinance: Compulsory retirement to replace dismissal for misconduct in govt job 
  • Graphics: TBS
    Foreign currency in offshore banking units now eligible as collateral for taka loans
  • New Mooring Container Terminal. Photo: TBS
    Chittagong Dry Dock to take over New Mooring terminal operations on 7 July
  • Ships and shipping containers are pictured at the port of Long Beach in Long Beach, California, US, 30 January 2019. Photo: REUTERS
    Bangladesh expects US tariff relief after Trump announces cuts to Vietnam
  • Miners are seen at the Bayan Obo mine containing rare earth minerals, in Inner Mongolia, China. Photo: Reuters
    How China is playing the rare earths trump card — and why Ukraine couldn’t
  • Illustration: TBS
    Grameen Jibon: A business born from soil, memory, and the scent of home

Related News

  • City Touch app creator Brain Station 23 to go public
  • The secret to Brain Station 23’s success: Flexibility, creativity and spreading the ownership
  • Brain Station 23 wins NPO award
  • Brain Station 23 to implement Islamic banking for UCBL using Oracle Flexcube
  • Brain Station 23 to develop Modhumoti Bank’s digital platform Go Smart

Features

Students of different institutions protest demanding the reinstatement of the 2018 circular cancelling quotas in recruitment in government jobs. Photo: Mehedi Hasan

5 July 2024: Students announce class boycott amid growing protests

19h | Panorama
Contrary to long-held assumptions, Gen Z isn’t politically clueless — they understand both local and global politics well. Photo: TBS

A misreading of Gen Z’s ‘political disconnect’ set the stage for Hasina’s ouster

1d | Panorama
Graphics: TBS

How courier failures are undermining Bangladesh’s online perishables trade

23h | Panorama
The July Uprising saw people from all walks of life find themselves redrawing their relationship with politics. Photo: Mehedi Hasan

Red July: The political awakening of our urban middle class

1d | Panorama

More Videos from TBS

Beijing openly sides with Moscow for the first time

Beijing openly sides with Moscow for the first time

1h | TBS World
Did Prada finally give credit to Indian Kolhapuri sandals?

Did Prada finally give credit to Indian Kolhapuri sandals?

1h | TBS World
How BB’s floating rate regime calms forex market

How BB’s floating rate regime calms forex market

52m | TBS Programs
Trump's 'Big beautiful bill' will increase US debt

Trump's 'Big beautiful bill' will increase US debt

2h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net