Union Bank gets BSEC approval to go public

The Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of Union Bank Limited for issuance of IPO of BDT 4.28 billion under fixed price method, said a statement.
It is the largest IPO in terms of size among the banks and the 4th highest in the capital market of Bangladesh. The Prime Bank Investment Limited (PBIL) is the manager to the issue of this IPO.
Besides, PBIL is working as the lead-arranger for the Islami Bank Bangladesh Limited 2ndMudaraba Perpetual Bond of BDT 8.0 billion where BDT 7.20 billion will be raised under Private Placement and the rest BDT 800 million will be under public offer.
PBIL is also the lead arranger of Al-Arafah Islami Bank Mudaraba perpetual bond of BDT 5.0 billion where BDT 4.50 billion will be raised under Private Placement and the rest BDT 500 million will be under public offer.
Recently, the PBIL signed an agreement with Vantage Hi-Tech Limited to act as the manager to Issue for Qualified Investor Offer (QIO) under SME platform.