The initial public offering (IPO) of Express Insurance Limited begins on June 14, with the company aiming to raise Tk26.70 crore from the capital market through fixed price method.
The IPO will stay open for both resident and non-resident Bangladeshis till June 18 this year.
Under the fixed price method, Express Insurance will offload 2.60 crore ordinary shares, each at Tk10.
A market lot consists of 500 shares and an investor needs Tk5,000 to apply for each lot of the company’s IPO shares.
The subscription was supposed to begin on April 13 and close on April 20. But they temporally suspended the IPO subscription due to government holidays
The Bangladesh Securities and Exchange Commission (BSEC) on February 18 approved the IPO prospectus of Express Insurance worth Tk26.70 crore.
According to the financial statement ended on December 31, 2018, the company's net asset value (NAV) per share stood at Tk16.65, while the weighted average of earnings per share (EPS) was Tk1.42.
AAA Finance and Investment Limited, IIDFC Capital Limited and BLI Capital Limited will act as the issue manager for the IPO process.