IPO subscription of Desh Insurance begins Sunday
The IPO subscription of Desh General
Insurance will open tomorrow (Sunday), aiming to raise Tk 160 million under the
fixed price method.
The general insurer's initial public offering (IPO)
subscription will be continued until February 18, officials said.
A market lot consists of 500 shares and a resident
Bangladeshis investor needs Tk 5,000 to apply for each lot of the company's IPO
shares.
Foreign currency required for non-resident
Bangladeshi (NRB) and foreign applicants, (per lot) of US$ 59.39 or GBP 43.82
or EUR 49.42.
The stock market regulator- Bangladesh Securities and
Exchange Commission (BSEC)- approved the insurer's IPO proposal on December 2,
2020.
As per the regulatory approval, the insurer will issue 16
million ordinary shares at an offer price of Tk 10 each under the fixed price
method.
The general insurer will invest the IPO proceeds in the
capital market, fixed deposits, treasury bonds and IPO related expenses.
According to the audited financial report for the year ending
on 31 December, 2019, the earnings per share (EPS) of the company stood at Tk
1.36 while its net asset value (NAV) per share was Tk 11.62, without
revaluation.
The Prime Finance Capital Management is working as the
issue manager of the company's IPO process.
Currently, 49 insurance companies are listed with the
capital market -both life and non-life insurance.
Index Agro Industries: IPO subscription of Index Agro
Industries is set to open on 22 February and will continue until February 28,
aiming to raise Tk 500 million under the book-building method.
A market lot consists of 100 shares and a resident
Bangladeshis investor needs Tk 5,000 to apply for per lot of the company's IPO
shares.
Foreign currency required for non-resident Bangladeshi
(NRB) and foreign applicants, (per lot) of US$ 59.39 or GBP 43.51 or EUR 49.04.
Earlier the company completed electronic bidding and
explored its cut- off price of shares - a requirement for going public under
the book building method.
Its cut-off price was fixed at Tk 62 each through
electronic bidding by eligible investors.
On 23 December last year, Index Agro received the nod
from the stock market regulator to issue shares at Tk 50 each through an IPO, a
20 per cent discount on its cut-off price.
The company will use the IPO proceeds to acquire
machinery and equipment, construction buildings and civil works, and cater
expenditures for the IPO process.
According to the audited financial statement as of June
30, 2019, the company's weighted average earnings per share (EPS) for the past
five years was Tk 7.07.
The company's net asset value (NAV) per share was Tk
45.03 with revaluation and Tk 44.06 without revaluation.
AFC Capital Ltd and EBL Investments Ltd are the issue
managers for the company's IPO.
Incorporated in 2000, the principal activities of Index
Agro Industries are manufacturing and marketing poultry feed, fish feed and
producing day-old chicks.