The Financial Express

NRB Commercial Bank makes debut Monday

| Updated: March 21, 2021 16:21:56

NRB Commercial Bank makes debut Monday

NRB Commercial Bank will make its share trading debut on March 22 (Monday) on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) under ‘N’ category.

DSE trading code for the bank is ‘NRBCBANK’ and DSE company code is 11,148 while the CSE scrip ID is 22,034 and scrip code is ‘NRBCBANK’, according to a separate filing with the bourses on Thursday.

The fourth-generation bank is the first private commercial bank in the last 12 years listed with the stock market. Earlier in 2008, First Security Islami Bank got listed with the stock market.

The private commercial bank, which raised Tk 1.20 billion by issuing 120 million ordinary shares under the fixed price method, is the 31st listed bank in the DSE.

The stock market regulator -- Bangladesh Securities and Exchange Commission (BSEC) -- approved the bank’s IPO proposal on November 18, 2020. The IPO subscription of the bank was held between February 3 and February 9.

The general investors have applied to buy 10.86 times higher the number of IPO shares being offered by the bank in its IPO, according to the final status of the IPO.

With the IPO proceeds, the bank will use Tk 1.10 billion to buy government securities, Tk 60.5 million in the secondary market for buying shares, and the rest for IPO-related expenses.

The bank’s weighted average earnings per share for the last five years and net asset value (NAV) per share were Tk 1.55 and Tk 13.86 respectively as of June 30, 2020.

The bank’s authorised capital is Tk 10 billion while its pre-IPO paid-up capital is Tk 5.82 billion.

AFC Capital and Asian Tiger Capital Partners Investment are jointly working as the issue manager of the bank’s IPO.

The NRB Commercial Bank was established on February 20, 2013 and it has 83 branches across the country till 2020.

[email protected]

Share if you like