Global Islami Bank to raise Tk 425cr via IPO

The Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) of Global Islami Bank Ltd.

The bank will raise Tk 425 crore by issuing Tk 42.5 crore ordinary shares at a face value of Tk 10 each, said the BSEC in a statement on Wednesday.

In the banking sector, this is the second highest IPO size after Union Bank that raised Tk 428 crore through the IPO.

The company will invest the IPO fund in SMEs, government securities, stock market and bear the IPO costs.

Of the IPO fund, 50 per cent is kept for general investors, 25 per cent for eligible investors and 25 per cent for non-resident of Bangladeshis.

According to the bank’s financial statement ended on September 30, 2021, its earnings per share (EPS) was Tk 1.91 while net asset value (NAV) was Tk 14.42.

Prime Bank Investment Limited and LankaBangla Investments Limited will be the issue managers for the Global Islami Bank’s IPO.

A full-fledged Islamic Shariah-based commercial bank- Global Islami Bank started its operation on October 23, 2013.

At present, 33 banks are listed on the stock markets.