Islami Commercial Insurance IPO gets nod
Islami Commercial Insurance Company has received the nod to raise Tk 20.26 crore in funds from the stock market through initial public offering (IPO).
The Bangladesh Securities and Exchange Commission gave the go ahead in a commission meeting on its premises yesterday chaired by its chairman, Prof Shibli Rubayat-Ul-Islam.
The company would issue 2.02 crore shares at a face value of Tk 10. To comply with an order of Insurance Development Regulatory Authority, it is going to be listed with the stock market.
With the IPO proceeds, the insurer would keep some in a fixed deposit and buy government securities and listed securities, according to a BSEC press release.
The company's net asset value per share without revaluation surplus is Tk 17.48 and its earnings per share was Tk 1.82 at the end of 2021.
The issue managers are ICB Capital Management, Prime Finance Capital Management and EC Securities.
The BSEC imposed a condition that no dividend can be distributed before the listing.