Home ›› 07 Oct 2021 ›› Stock
Meghna Insurance Company Limited, a non-life insurance company, seeks to raise funds through the initial public offering (IPO).
The insurer recently filed its IPO plan to the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk16 crore aiming to invest in fixed deposit, share market, and treasury bond, according to sources.
Of the fund, it proposed to invest Tk 3.20 crore in the capital market, Tk 2.40 crore in the treasury bond traded on the stock market, and Tk 9.52 crore in FDR and Tk 87.50 lakh to bear IPO expenses, according to the prospectus.
It proposed to issue 1.6 crore new shares under the fixed price method, said a BSEC official.
According to the prospectus also submitted to the stock exchanges, its earnings per share (EPS) was Tk 1.11as of March 31, this year.
According to the financial statement ending on March 31, 2021, the company's net asset value (NAV) per share was Tk 16.41.
Asian Tiger Capital Partners Investments Ltd, Prime Bank Investment, and UCB Investment Limited are the issue managers of the company.
The company’s auditor is MABS & J PARTNERS Chartered Accountants.
The company commenced its operation on March 18, 1996. The nature of the business is all kinds of insurance business and indemnity other than life insurance.
Its paid-up capital as of March 31, 2021, is Tk 24 crore, according to the prospectus. It has a total of 47 benches across the country.
At present, fifty-one insurance companies are listed on the Dhaka Stock Exchange. Two more companies—Union Insurance Company and Sena Kalyan Insurance Company—got IPO approval from the securities regulator.
