A non-life insurer, Islami Commercial Insurance Company Limited has obtained permission for its initial public offering.
Bangladesh Securities and Exchange Commission approved the IPO on Thursday during a regular commission meeting.
The company is set to raise Tk20.26 crore by offloading 20,261,106 shares at a face value of Tk10 per share under the fixed price method.
According to the disclosure, the raised money will be used by the company for investing in fixed deposits, government treasury instruments and in capital market securities.
Islami Commercial Insurance has a net asset value with revaluation surplus worth Tk20.96 per share or Tk63.70 crore and an annual earning of Tk1.82 per share or Tk5.54 crore as on December 31, 2021, showed the draft prospectus on the company website.
During the year, half of the net premium for the insurer came from marine cargo insurance, according to the report.
The regulator in its approval, has barred the company from declaring or approving or distributing any dividend prior to its listing.
ICB Capital Management Limited, Prime Finance Capital Management Limited and EC Securities Limited are the issue managers of the company.
