Midland Bank’s IPO subscription begins Feb 16

The initial public offering (IPO) subscription of Midland Bank will begin on 16 February and continue till 23 February.

With IPO, the fourth-generation private commercial bank aims to raise Tk 70 crore under the fixed price method through the capital market.

The company on September 21 last year, received the regulatory approval to go public.

It will raise the fund by offloading 7 crore ordinary shares at a face value of Tk 10 each.

The bank would utilise the fund by investing in the capital market, and treasury bond, as well as bear the IPO expenses.

The fourth-generation bank’s net asset value per share (without revaluation) and earnings per share were Tk 13 and Tk 0.90, respectively for the year ended on December 31, 2021.

The five years weighted average EPS of the company was Tk 1.07.

LankaBangla Investment Limited will act as the issue manager for the IPO process.