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The Financial Express

Desh General's IPO subscription to begin February 14

| Updated: January 20, 2021 16:27:11


Desh General's IPO subscription to begin February 14

The IPO subscription of Desh General Insurance will open on February 14, aiming to raise Tk 160 million under the fixed price method.

The company's initial public offering (IPO) subscription will be continued until February 18, according to its abridged prospectus published on Sunday.

A market lot consists of 500 shares and an investor needs Tk 5,000 to apply for each lot of the company's IPO shares.

The stock market regulator- Bangladesh Securities and Exchange Commission (BSEC)-- approved the insurer's initial public offerings on December 2, 2020.

As per the regulatory approval, the insurer will issue 16 million ordinary shares at an offer price of Tk 10 each under the fixed price method.

The general insurer will invest the IPO proceeds in the capital market, fixed deposits, treasury bonds and IPO related expenses.

According to the audited financial report for the year ending on 31 December, 2019, the earnings per share (EPS) of the company stood at Tk 1.36 while its net asset value (NAV) per share was Tk 11.62, without revaluation.

The Prime Finance Capital Management is working as the issue manager of the company's IPO process.

The company started its operations in March 2000.

Desh General Insurance underwrites risks in the fire, marine, motor, and miscellaneous business areas like most of the general insurance companies in the industry.

Currently, 49 insurance companies, both life and non-life insurance- are listed on the bourses.

eGeneration: IPO subscription of eGeneration, which started on January 12, will be ended today (Monday) at 5:30pm.

The eGeneration, one of the leading IT consulting and software solutions companies in Bangladesh, is set to raise Tk 150 million under the fixed price method.

Earlier on October 21, the stock market regulator approved the company's proposal to raise the said amount from the capital market through the IPO.

The company will issue 15 million ordinary shares with an offer price of Tk 10 each using the fixed price method.

IPO proceeds will be utilised for purchasing commercial space, repay bank loans along with conducting development work for digital healthcare platforms and catering IPO expenses.

According to financial statement for the year ended on June 30, 2019, the company's net asset value without revaluation stood at Tk 20.56 per share, while the EPS was Tk 1.82.

NRB Equity Management is working as the issue manager of the company's IPO.

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