Dhaka, Bangladesh (BBN)-Initial Public Offering (IPO) subscription of Bangladesh National Insurance Company will begin on February 17 and continue till February 25 to raise a fund worth BDT 177 million from the public.
IPO subscription of the non-life insurer was supposed to begin June 30, last year, but the securities regulator –Bangladesh Securities & Exchange Commission (BSEC) suspended the IPO subscription process following an allegation raised by the Insurance Development and Regulatory Authority (IDRA).
However, the securities regulator on January 18 withdrew restriction for IPO subscription of Bangladesh Insurance Company and set fresh timeframe for starting the public subscription.
The non-life insurer is set to float 17.7 million ordinary shares at an offer price of BDT 10 each.
As per the company’s financial statement for the year ended on 31 July, 2014, earning per shares (EPS) was BDT 1.07 (except extraordinary income) and net asset value (NAV) per share BDT 15.65.
Prime Finance Capital Management is the issue manager of the Bangladesh National Insurance’s IPO.
The IPO fund is being used for investment in FDR, Treasury Bonds and meeting the IPO expenses, according to the IPO prospectus.