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NRBC’s shares will be trading under the N-category
The much-awaited trading of the NRB Commercial (NRBC) Bank’s shares will begin from Monday on the bourses.
As is practice, NRBC’s shares will be trading under the N-category.
The Dhaka Stock Exchange (DSE) trading code for the bank is “NRBCBANK” and the DSE company code is 11,148.
The NRBC Bank received 10.86 times more bids for its 120 million shares put up on sale for general investors as part of its initial public offering (IPO) to raise Tk 120 crore via the fixed price method.
Investors deposited Tk 597.7 crore against the required Tk 72 crore. The IPO lottery was scheduled for March 3. The bank organised the lottery online under the supervision of the regulatory body.
General investors were allocated 60 per cent of the shares and institutional investors the remaining 40 per cent.
“The overwhelming IPO applications show people’s trust in the bank,” said SM Parvez Tamal, the bank’s chairman.
“The bank’s compliance will further enhance through its listing in the stock market, which is also good for us. From now on, it will be a public bank,” Tamal had told Dhaka Tribune after the lottery.
The seven-year-old bank will use Tk 110 crore of the IPO proceeds to purchase government securities, Tk 6.05 crore for investment in the secondary market, and Tk 3.95 crore as IPO expenses.
Previously, on November 18 last year, the bank got the securities regulator’s approval to raise the funds through an IPO.
The IPO subscription of the bank was held between February 3 and February 9.
It is the first bank to be listed on the country’s stock market in 12 years.
Asian Tiger Capital Partners and FC Capital are the issue managers of the IPO.
According to an audited report of the year ended on December 31, 2019, the bank’s net profit was Tk 115.36 crore.
Its deposits stood at Tk 9,480 crore and its loans at Tk 7,462 crore as of 2020, according to the latest data from the bank.
The bank has 83 branches, 400 sub-branches, and 589 agents across the country.
NRBC Bank was established on February 20, 2013, and began operating on April 4 the same year.
(DT)
