The Financial Express

Union Insurance makes debut on stock market Sunday

| Updated: January 13, 2022 13:46:08

Union Insurance makes debut Sunday

Union Insurance will make its shares trading debut on Dhaka Stock Exchange and Chittagong Stock Exchange on Sunday (January 16) under the settlement category “N”.

The general insurer makes its trading debut as 53th listed insurer on the Dhaka bourse.

DSE trading code for Union Insurance Company is "UNIONINS" and DSE company code is 25753, according to a statement.

The IPO subscription of Union Insurance took place between December 15 and December 22, 2021, which raised a fund worth Tk 193.60 million from the capital market under the fixed price method.

The securities regulator --- Bangladesh Securities and Exchange Commission (BSEC) approved the general insurer’s IPO proposal on June 23, 2021 to raise Tk 193.60 million by issuing over 19.36 million ordinary shares at an offer price of Tk 10 per share.

The IPO proceeds will be invested in fixed deposit receipts (FDR), stock market investment, purchase of a floor space and IPO related expenses.

According to the financial statements till December 31, 2020, the company’s net asset value (NAV) per share stood at Tk 17.39 while the basic earnings per share (EPS) stood at Tk 2.14.

Sonar Bangla Capital Management Ltd is acting as the issue manager for the company’s IPO process.

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