Midland Bank gets BSEC nod to raise Tk 700m

Midland Bank has received the regulatory approval to raise a fund of Tk 700 million from the capital market through initial public offering (IPO).

The Bangladesh Securities and Exchange Commission (BSEC) approved the bank's IPO proposal at a meeting held at the BSEC office on Wednesday.

The bank will raise the capital under fixed-price method by issuing 70 million shares at an offer price of Tk 10 each.

The IPO fund will be utilised to invest in government and listed securities and to meet the IPO expenses.

As per the bank's financial statements for the year ended on December 31, 2021, the net asset value (NAV) per share (without revaluation) and earnings per share (EPS) stand at Tk 13 and Tk 0.90 respectively. And the weighted average EPS of last five years has stood at Tk 1.07.

LankaBangla Investments is working as the issue manager for the IPO.

The securities regulator has set a condition that each director must hold 2.0 per cent of post-IPO shares and that the directors must also jointly hold of shares.

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