• Thursday, Sep 16, 2021
  • Last Update : 10:01 pm

SBAC Bank IPO oversubscribed 14 times

  • Published at 07:45 pm July 27th, 2021
SBAC-Bank
Logo of SBAC Bank Collected

Shares will be allotted proportionally on Thursday

South Bangla Agriculture and Commerce (SBAC) Bank received 14 times more bid for its 100 million shares put up on sale for general investors as part of its initial public offering (IPO) to raise Tk100 crore via the fixed price method.

Shares will be allotted proportionally on Thursday at the Dhaka Stock Exchange Tower in the capital, said a press release.

Earlier, investors applied for the bank's shares at Tk10 apiece from July 5-12.

The bank revealed that applications worth Tk1,391.44 crore have been submitted, 13.91 times more demand.

The bank will raise money from the capital market to spend on the purchase of government securities and IPO costs.

Mosleh Uddin Ahmed, managing director and chief Executive Officer of SBAC Bank, said: "First of all, I would like to thank and appreciate the investors. They responded unprecedentedly amid the Covid-19 pandemic.

The confidence they have shown in our bank has further enhanced our accountability in our future work plans and responsibilities. The board of directors and the managing authority of our bank are committed to provide appropriate compensation."

He further said that the industrialization that develops in the economic development of a country involves long term investment through capital market. It is possible to invest in big projects of the government through capital market.

Therefore, South Bangla Bank will play a role in the overall development of the capital market, he added.

ICB Capital Management Limited is the issue manager of the bank.

According to the financial statement ending June 30, 2019, the company's net asset value (NAV) per share was Tk13.18, while earnings per share (EPS) were Tk0.94.

The bank has a network of 82 branches and six sub-branches around the country.

SBAC has a board of 18 members headed by SM Amzad Hossain as the chairman.

The Bangladesh Bank in 2013 gave licence to nine banks, including SBAC Bank, on the condition that the banks would get listed on the bourses within three years of their launch. The latest deadline for listing expired in December 2019.

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