Islami Commercial Insurance Company will make its trading debut on the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) under "N" category today (Wednesday).
It will be the 56th listed company under the insurance sector. Currently, 13 life and 42 non-life insurers are listed on the country's capital market.
The newly-listed general insurer raised Tk 202.61 million from the capital market under the fixed-price method, received approval from the Bangladesh Securities and Exchange Commission (BSEC) on September 15 this year.
With the IPO proceeds, the insurer would keep a fixed deposit of Tk 152.76 million, invest Tk 40.52 million in listed securities and cover IPO expenses of Tk 9.33 million, according to its abridged prospectus.
As per the company's latest audited financial statements for the year ended 31 December 2021, its net asset value per share with revaluation stood at Tk 20.96 and NAV per share without revaluation at Tk 17.48.
The company's earnings per share (EPS) stood at Tk 1.82 for the year through December 2021. Its six months' EPS is Tk 0.77 for January-June 2022.
The insurer's authorised capital is Tk 1.0 billion while post-IPO paid-up capital would be Tk 506.52 million.
ICB Capital Management, Prime Finance Capital Management and EC Securities are jointly working as the issue manager of the IPO.
The company will not be allowed to declare, approve or distribute any kind of dividend before listing in the stock market, according to the BSEC approval.
The Islami Commercial Insurance, which started commercial operation in 2000, carries non-life insurance business as per the Insurance Act, 2010.
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