The insurer’s IPO subscription, which raised Tk 160 million under the fixed price method, was held between February 14 and February 18.
The stock market regulator - Bangladesh Securities and Exchange Commission (BSEC) - approved the insurer’s IPO proposal on December 2, 2020.
As per the regulatory approval, the company issued 16 million ordinary shares at an offer price of Tk 10 each under the fixed price method.
The insurer will invest the IPO proceeds in the capital market, fixed deposits, treasury bonds and IPO related expenses.
According to the audited financial report for the year ended on 31 December, 2019, 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.
Prime Finance Capital Management is working as the issue manager of the company’s IPO process.
Currently, 49 insurance companies are listed with the capital market -- both life and non-life insurance.