The securities regulator has approved the IPO (initial public offering) proposal of NRB Commercial Bank under the fixed price method.
The fourth generation commercial bank will raise a capital worth Tk 1.2 billion issuing 120 million ordinary shares of Tk 10 each.
The company will utilise the IPO proceeds to purchase government securities, invest in the secondary market and bear the IPO expense.
NRB Commercial Bank became the first BSEC-approved bank being the fourth generation commercial bank.
As per the half yearly audited financial statement for the period ended on June 30, 2020, the Bank's NAV without revaluation stood at Tk 13.86, while the weighted average EPS of five years was Tk 1.55.
Asian Tiger Capital Partners Investment and AFC Capital are working as issue managers of the NRB Commercial Bank.
The securities regulator has said the date of commencing the bank's IPO subscription will be fixed by February, 2021 considering the interest of investors.
After taking charge, the incumbent commission led by Prof. Shibli Rubayat Ul Islam received two new IPO proposals including that of NRB Commercial Bank.
Another company which submitted IPO proposal is Subra Systems.
At Wednesday's meeting, the securities regulator has approved another proposal of publishing prospectus of Lub-reff (Bangladesh) to issue above 45.24 million shares through the IPO.
Recently, the company has completed the bidding required to fix indicative price as part of the process of going public under the book building method.
Eligible Investors (EIs) will get shares at their respective prices offered at the bidding.
Meanwhile, at Wednesday's meeting the securities regulator took a decision of seeking explanations from the EIs who offered prices above Tk 50 for each shares of Lub-reff (Bangladesh) at the bidding.
Those EIs will have to explain whether they participated at the bidding in line with the securities rules.
At Wednesday's meeting, the securities regulator took another decision of imposing penalties on the chairman and three executives, among others, of the listed company Stylecraft for securing profits through unlawful process.
As per the BSEC's decision, the amounts of penalties will be greater than the amounts of profits secured by those persons through unlawful transactions.
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