Desh General Insurance Company is set to make its debut in the bourse on Monday.
The company will begin trading under the N category and move to another bracket depending on the amount of dividend it announces.
The company has raised quite the interest among general investors, who placed orders for shares 56.98 times their allotted amount under the fixed price method.
Investors booked shares worth more than Tk 911 crore against the Tk 16 crore allocated for them.
The IPO subscription was held from February 14-18.
The Bangladesh Securities and Exchange Commission (BSEC) approved the insurer’s IPO proposal on December 2 last year.
Prime Finance Capital Management is working as the issue manager of the company’s IPO process.
As per to the commission's condition, the insurance company is bound to invest its total IPO fund in the capital market, with purchasing treasury bonds, paying IPO costs and others.
According to the audited financial report for the year ended on 31 December, 2019, the insurance company suddenly posted a 52 per cent growth in revenue, which reached Tk 30.81 crore.
It had never posted such growth in the preceding years.
The earnings per share (EPS) of the company stood at Tk 1.36 while its net asset value (NAV) per share was Tk 11.62, without revaluation.
Former Industries Minister Amir Hossain Amu and Bengal Group of Industries Chairman M Morshed Alam are the founders and major shareholders of Desh General Insurance.
Desh General Insurance is a public limited company incorporated on February 08, 2000.
