LankaBangla Securities gears up for pre-IPO roadshow
LankaBangla Securities Ltd will hold a roadshow on Monday for institutional investors, as the stockbroker plans to go for initial public offering (IPO) using book building method.
If approved by the stockmarket regulator, it will be the first listed brokerage firm. A roadshow is required by the book building regulations before price discovery.
The brokerage firm whose existing paid-up capital is Tk 55 crore will float three crore ordinary shares of Tk 10 each. After the IPO, its paid-capital will reach Tk 85 crore. With the IPO proceeds, the company will go for business expansion and diversification, its officials said.
A subsidiary of LankaBangla Finance Ltd, the firm may also go for strategic investment in other companies, participate in bond market and effectively activate dealership activities.
The stockbroker was the top performer on the two bourses in terms of turnover in the last few years. Last month, its daily average turnover was more than Tk 200 crore on Dhaka Stock Exchange.
LankaBangla Securities started operations in the capital market in 1998. Now it has eight branches across the country, and two more branches are in the pipeline.
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