The Initial public offering (IPO) lottery of Bangladesh National Insurance Company will be held on March 20 (Sunday) to allocate 17.70 million ordinary shares among the successful applicants, officials said.
The lottery programme will be held at 3:00 pm at the Institution of Engineers, Bangladesh (lEB) in Dhaka, said a disclosure posted on the Chittagong Stock Exchange (CSE) on Tuesday. After the lottery programme, IPO result will be published on the company's website, Dhaka Stock Exchange (DSE) website and Chittagong Stock Exchange (CSE) website. IPO subscription of the non-life insurer, which floated 17.70 million ordinary shares at an offer price of Tk 10 each, was held between February 17 and February 25.
The insurance company received above Tk 7.07 billion against public issue of Tk 177 million, which is over subscribed by around 40 times, according to the company's statement. IPO subscription of the company was supposed to begin June 30, last year, but the securities regulator -Bangladesh Securities & Exchange Commission (BSEC) suspended the IPO subscription process following an allegation raised by the Insurance Development and Regulatory Authority (IDRA).
However, the securities regulator on January 18 withdrew restriction for IPO subscription of the company and set fresh timeframe for starting the public subscription. As per the company's financial statement for the year ended on 31 July, 2014, earning per share (EPS) was Tk 1.07 (except extraordinary income) and net asset value (NAV) per share Tk 15.65. Prime Finance Capital Management acted as the issue manager of the Bangladesh National Insurance's IPO. The IPO fund is being used for investment in FDR, Treasury Bonds and meeting the IPO expenses, company sources said.
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