NRBC opens IPO subscription tomorrow

NRB Commercial Bank Limited is going to open its initial public offering (IPO) subscription tomorrow aiming to raise Taka 120 crore from investors in the stock market.

The investors would be able to buy the company’s primary shares till the evening of February 9. The IPO will be offered to the public at a face value of Taka 10 per share, said NRBC Bank officials.

The bank will use Taka 110 crore of this fund for government securities, Taka 6.05 crore for the secondary market and Taka 3.95 crore as IPO expenses.

Talking to BSS, NRBC Bank Chairman Parvez Tamal said, “The bank’s compliance will further enhance through its listing in the stock market, which is good for us. From now on, it will be a bank having its ownership with the shareholders,” he added.

Parvez Tamal said that bringing the general people under the banking services is the main agenda of the bank.
“We are expanding the branch-based banking system as well as sub-branches, booths and agent banking,” he added.

Previously, on November 18 last year, the bank got the securities regulator’s approval to raise the funds through an IPO.

NRBC Bank is the first bank to be listed in the country’s stock market in 12 years.

Asian Tiger Capital Partners and FC Capital are the issue managers of the company.

According to an audited report of the year ending on December 31, 2019, the bank’s net profit was Taka 115.36 crore.

The net asset value per share (NAVPS) of the bank is at Taka 13.86. The bank’s deposits stood at Taka 9,480 crore and its loans stood at Taka 7462 crore, according to the latest data from the bank.

NRBC Bank was established on February 20, 2013 and started operating on April 2 the same year. Countrywide, the bank has 83 branches, 400 sub-branches and 589 agents.

[BSS]