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Crystal Insurance Company will make its shares trading debut tomorrow (Monday) on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange under the ‘N’ category.
The DSE trading code for Crystal Insurance is “CRYSTALINS” and the company code is 25749 while the CSE scrip ID is 11041 and scrip code is “CRYSTALINS”, according to separate disclosures on Sunday.
Crystal Insurance, which received regulatory approval for going public from the Bangladesh Securities and Exchange Commission (BSEC) on September 23, raised capital of Tk 160 million under the fixed price method.
The insurer issued 16 million ordinary shares with an offer price of Tk 10 each under the fixed price method.
The IPO subscription for shares of the company was held between November 10 and November 16.
The proceeds from the IPO will be used for investment in FDR & Treasury bond, capital market and to meet the IPO related expenses.
The non-life insurer’s authorised capital is Tk 1.0 billion and pre-IPO paid-up capital is Tk 240 million.
According to the financial statement ending June 30, 2019, the company’s net asset value (NAV) per share was Tk 24.42, while earnings per share (EPS) were at Tk 2.92.
Sonar Bangla Capital Management Ltd is acting as the issue manager for the company’s IPO process.
Incorporated in November 1999, Crystal Insurance runs all types of general insurance business other than life insurance business.
The company transacts a wide range of general insurance business in Bangladesh like underwrites risks in fire, marine, motor and miscellaneous business areas.