Meghna Insurance IPO approved

The Bangladesh Securities and Exchange Commission has approved the initial public offering (IPO) of Meghna Insurance Company Ltd.

The approval was given at the commission’s regular meeting on Tuesday, said the regulator in a statement.

The insurer will raise over Tk 16 crore with a face value of Tk 10.

The company will spend the IPO fund on fixed deposits in scheduled banks, investing in listed securities, and IPO expenses.

According to the financial statement of the company ended on March 31, 2021, its earnings per share (EPS) were Tk 1.83, net asset value (NAV) Tk 16.41. And five years weighted average EPS was Tk 0.56.

As per BSEC rules, the insurance company can’t declare and disburse any dividend and before being listed on the bourses.

Meghna Insurance’s IPO Issue Manager is Asian Tiger Capital Partners investment, Prime Bank Investment, and UCB investment.

Meghna Insurance was incorporated in Bangladesh on March 18, 1996. It took 26 years to go public as the Insurance Development and Regulatory Authority (IDRA) allowed it to delay in getting listed in response to the company’s application.