Subscription to 3 IPOs starts

IPO subscriptions started for two closed-end mutual funds and an insurance company yesterday.
The new issues -- Prime Bank 1st ICB AMCL Mutual Fund, Trust Bank 1st Mutual Fund and Dhaka Insurance -- will remain open for subscription until Thursday for resident Bangladeshis and until December 19 for non-resident Bangladeshis (NRBs).
Besides, the IPO (initial public offering) subscription of another mutual fund -- DBH First Mutual Fund -- will begin on Sunday and remain open until December 20 for resident Bangladeshis and December 29 for NRBs.
The 10-yearly Tk 100 crore Prime Bank 1st ICB AMCL Mutual Fund is raising Tk 40 crore by issuing four crore units worth Tk 10 each from the public through IPO.
Of the remaining Tk 60 crore, sponsors funded Tk 20 crore and Tk 40 crore was raised through pre-IPO placement. ICB (Investment Corporation of Bangladesh) Asset Management Company Limited (AMCL) is the asset manager of the fund.
The Tk 200 crore Trust Bank 1st Mutual Fund is also a 10-yearly scheme, in which, the IPO and sponsor's portion is Tk 40 crore each. The remaining Tk 120 crore has already been raised through pre-IPO placement.
Dhaka Insurance is offering nine lakh ordinary shares worth Tk 100 each, with Tk 20 as premium. The company is undertaking the IPO to strengthen its capital base and augment business expansion. The raised fund will be used for investment, the company said in its prospectus.
In the Tk 120 crore DBH First Mutual Fund, Tk 40 crore has been kept for IPO, while Tk 60 crore was raised through pre-IPO placement and sponsors funded Tk 20 crore.