Home ›› 17 Sep 2022 ›› Stock
The subscriptions for the initial public offering (IPO) of Global Islami Bank Ltd is set to begin on October 16 and will continue until October 20 next.
With IPO, the company will raise a fund worth Tk425 crore from the capital market under the fixed price method.
To raise the fund, the bank will issue a total of 42.5 crore ordinary shares at a face value of Tk10 each.
Earlier, the company received the regulatory approval to go public on June 15 this year.
The company will utilise the fund by investing in SME business, government securities, stock market as well as meet the IPO expenses.
Of the IPO issues, 50 per cent will be offered for general investors, while 25 per cent for eligible investors and the remaining 25 per cent for non-resident of Bangladeshis, according to the BSEC term.
According to the bank’s financial statement as of September 2021, its earnings per share (EPS) stood at Tk1.91 with a net asset value (NAV) of Tk14.42.
According to the Dhaka Stock Exchange (DSE) data, it will be the fifth largest IPO just behind Robi Axiata (Tk523 crore), Grameenphone (Tk486 crore), MJL Bangladesh (Tk460 crore) and Union Bank (Tk428 crore).
In the banking sector, it will be the second largest IPO, second to Union Bank.
Global Islami Bank, formerly known as NRB Global Bank, is entirely an Islamic Shariah-based that started its operations in 2013.
LankaBangla Investments Ltd and Prime Bank Investment Ltd are the issue managers for the IPO proces.
Complying with Islami shariah principles, Global Islami Bank offers a wide range of banking products and services to corporate, SME and retail customers through a variety of delivery channels.
