The initial public offering (IPO) subscription of Global Islami Bank Ltd - a new generation Shariah-based bank - will begin on 16 October and continue till 20 October.
The Bangladesh Securities and Exchange Commission (BSEC) has allowed the bank to raise Tk425 crore with an IPO.
Of that amount, the bank will invest Tk268.5 crore in government securities and bonds, and Tk100 crore in small and medium enterprises (SMEs) given their ample growth opportunity and mounting financing needs.
Local merchant banks LankaBangla Investments Ltd and Prime Bank Investment Ltd are the issue managers for the IPO.
At the end of September 2021, the bank's net asset value per share stood at Tk14.42 without any asset revaluation.
From July to December of 2021, its earnings per share (EPS) stood at Tk1.91, and its five-year average EPS was Tk1.08.
Global Islami Bank, formerly known as NRB Global Bank, is a full-fledged Islamic Shariah-based commercial bank that started operations in October 2013.
The BSEC allowed the bank to allot one-fourth of its primary shares for non-resident Bangladeshis (NRB) who have beneficiary owner (BO) accounts, and the remaining three-fourth shares for regular institutional and individual investors in the IPO process.
Any unsubscribed portion from the shares allotted for NRBs will be offered in the IPO.