Chartered Life Insurance IPO subscription begins

The subscription to the initial public offering (IPO) of Chartered Life Insurance Company Limited launched Sunday and will continue until September 29.

The company is set to raise Tk 15 crore from the capital market under the fixed price method.

The life insurer will offload 1.5 crore ordinary shares at a face value of Tk 10 each to raise the fund, according to the BSEC data.

The company will utlise the fund by investing in government Treasury bonds, fixed deposit receipts (FDR), and capital markets, as well as bearing the IPO expenses.

According to the company’s financial statement till December 2021, its life insurance fund stood at Tk 35.21 crore with earnings per share (EPS) at Tk 0.20, and net asset value (NAV) per share at Tk 12.08.

Earlier on July 6, the Bangladesh Securities and Exchange Commission (BSEC) approved the insurance company to go public.

The company is not allowed to declare, approve or disburse any dividend before its listing on the stock market, as per the BSEC conditions.

AAA Finance and Investment Limited, AB Investment Limited, and Trust Bank Investment Limited are the issue managers of the IPO process.

Chartered Life Insurance Company is a fourth-generation life insurance company that started operations back in July 2013.