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Dhaka Tribune

NRBC Bank seeks approval to float Tk120C IPO

This would be the first such initiative from a fourth-generation bank of the country

Update : 04 Oct 2020, 10:53 PM

NRB Commercial Bank Limited has recently sought approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk120 crore through an initial public offering (IPO).

This would be the first such initiative from a fourth-generation bank of the country.

BSEC officials said that NRBC Bank 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.

The bank recently applied to the commission to offload 12 crore shares under fixed price method.

As per the bank’s IPO prospectus, the IPO proceeds will be used for enhancing the Tier 1 Capital Base of the company proceeds from IPO at an issue price of Tk10 each.

The bank would invest Tk110 crore in government securities, Tk6.05 crore in the secondary stock market and Tk3.9 crore to bear IPO expenses.

According to the draft prospectus, the earnings per share (EPS) of the bank was Tk2.02 in 2019 against Tk1.82 in the previous year. The EPS was Tk0.62 in January to June, 2020.

Asian Tiger Capital Partners Investment Limited and AFC Capital Limited are the issue managers of the company.

The Bangladesh Bank in 2013 gave license to nine banks including NRBC Bank on condition that the banks would be listed on stock exchange within three years of commercial operation.

The principal activities of the bank are banking and related activities including accepting customer deposits, lending to retail, small and medium enterprises (SMEs) and corporate customers, foreign trade business, lease financing, project financing, inter bank borrowing and lending and dealing in government securities and equity shares etc.

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