The two insurance companies recently sought approval from the BSEC to raise Tk31 crore through an IPO
Sena Kalyan Insurance Company Ltd (SKICL), a new generation insurance company, and Chartered Life Insurance Company Ltd, have both shown their interest in listing on the stock market.
The two insurance companies recently sought approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk31 crore through an initial public offering (IPO).
Sena Kalyan Insurance, a concern of Sena Kalyan Sangstha (SKS), under the Bangladesh Armed Forces, wants to raise the fund by issuing 1.6 crore ordinary shares at a face value of Tk10 each to raise Tk16 crore.
BSEC officials have said that the company submitted its draft prospectus, with various documents, to the stock market regulator as well as the Dhaka and Chittagong stock exchanges for getting approval for its IPO.
According to the draft prospectus, the earnings per share (EPS) of the bank was Tk3.93 in 2020.
AAA Finance and Investment Limited is the issue manager of the company.
The general insurance company commenced its business on September 10, 2013.
Meanwhile, Chartered Life Insurance Company Limited wants to raise Tk15 crore from the stock market.
The life insurance company wants to raise the fund by issuing 1.5 crore ordinary shares at a face value of Tk10 each.
Out of Tk15 crore, the company will invest Tk6 crore in the government treasury bonds, Tk4 crore in listed securities in the capital market and Tk3.9 crore in fixed deposit receipts (FDR).
It will also meet the IPO-related expenses from this fund.
As of December 31 2020, the company's net asset value was Tk13.39.
AAA Finance & Investment Ltd, Trust Bank Investment Ltd and AB Investment Ltd are jointly working as issue managers of the company's IPO process.
Chartered Life is a fourth-generation life insurance company established on July 29, 2013.