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The public subscription of Express Insurance is set to begin on April 13 for raising a fund worth Tk 260.79 million from the public.
The initial public offering (IPO) subscription for shares by the eligible investors through electronic subscription system of the insurer will continue until April 20.
The securities regulator– Bangladesh Securities and Exchange Commission approved the initial public offering (IPO) proposal of the company on February 18, this year.
As per the approval, the insurer will offload more than 26.07 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company’s IPO shares.
For non-resident Bangladeshi (NRB) and foreign applicants, the required amount (per lot) for subscription is US$ 59.39 or GBP 45.60 or EUR 52.39.
The company will invest the IPO fund in fixed deposit receipt (FDR) and treasury bonds worth Tk 205.79 million, investment in capital market worth Tk 40 million and bearing the IPO expenses of Tk 15 million.
As per the financial statement for the year ended on December 31, 2018 the company’s net asset value (NAV) is Tk 18.72 per share with revaluation reserve, while the value is Tk 16.65 without revaluation reserve.
The company’s’ authorised capital is Tk 750 million and pre-IPO paid-up capital is Tk 391.18 million.
AAA Finance & Investment, IIDFC Capital and BLI Capital are working as issue managers of Express Insurance.
(FE)
