NRB Commercial (NRBC) Bank is going to open its initial public offering (IPO) subscription from Wednesday, with the aim to raise Tk 120 crore from the stock market.
The investors will be able to buy each of the company's primary shares at a face value of Tk 10 until February 9.
The bank will use Tk 110 crore of this fund for government securities, Tk 6.05 crore for the secondary market and Tk 3.95 crore as IPO expenses.
Previously, on November 18 last year, the bank got the securities regulator's approval to raise the funds through an IPO.
It is the first bank to be listed on the country's stock market in 12 years.
Asian Tiger Capital Partners and FC Capital are the issue managers of the bank.
"The bank’s compliance would further enhance through its listing in the stock market, which is also good for us. From now on, it would be a public bank,” said Parvez Tamal, chairman of NRBC Bank.
Tamal also 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.
According to an audited report of the year ended on 31 December, 2019, the bank's net profit was Tk 115.36 crore.
The net asset value per share (NAVPS) of the bank is at Tk 13.86. Its deposits stood at Tk 9,480 crore and its loans Tk 7462 Crore, according to the latest data from the bank.
NRBC Bank was established on February 20, 2013 and began operating from 4 April the same year.
The bank has 83 branches, 400 sub-branches and 589 agents across the country.
