• Friday, Sep 25, 2020
  • Last Update : 01:20 am

First ever virtual IPO lottery drawn

  • Published at 08:28 pm July 23rd, 2020
WEB_IPO_Bigstock
Representational photo Bigstock

The lottery was virtually drawn due to the ongoing Covid-19 pandemic

The allotment of initial public offering (IPO) for Express Insurance Limited was carried out on Thursday through a digital platform, the first of its kind in the country's stock market. 

The lottery was virtually drawn due to the ongoing Covid-19 pandemic.

Earlier on July 16, the Bangladesh Securities and Exchange Commission (BSEC) allowed the holding of IPO lotteries through licensed digital platforms.

The non-life insurer raised funds worth Tk26.70 crore from the capital market by using the fixed price method. The company’s IPO was oversubscribed by six times.

The lottery results have been published on the websites of the Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and Express Insurance Ltd.

The BSEC on February 18 approved the IPO prospectus of Express Insurance, worth Tk26.70 crore.

The company’s IPO subscription opening date was on April 13, with the closing date being April 20. But subscription was suspended temporarily owing to the Covid-19 outbreak and market closure. The company’s revised IPO subscription date was scheduled from June 14 to June 18. 

According to the financial statement ending on December 31, 2018, the company's net asset value (NAV) per share was 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 are the issue managers for the IPO process.

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