Global Islami Bank to go public for Tk425cr 

Global Islami Bank Ltd is planning to raise Tk425 crore from the stock market through an initial public offering (IPO).  

The bank has recently signed an agreement with Prime Bank Investment and LankaBangla Investments to make them the issue managers for its upcoming IPO, read a press statement.

Syed Habib Hasnat, managing director of the bank, Khandoker Raihan Ali FCA, chief operating officer of Prime Bank Investment Limited and Iftekhar Alam, chief executive officer of LankaBangla Investments Limited, have signed the agreement on behalf of their respective organisations on Wednesday. 

Global Islami Bank initially began its journey with the name NRB Global Bank in 2013, but later changed its name as it embraced Shariah-compliant banking. 

Its officials told The Business Standard that the bank is planning to issue shares at a face value of Tk10 each and it is set to submit the IPO application before the Bangladesh Securities and Exchange Commission this year.    

The bank is operating with around Tk10,000 crore assets and it secured operating profits of Tk190 crore in 2020.  

Additional managing directors of the bank Md Golam Sarwar and Kazi Mashiur Rahman Jayhad, Deputy Managing Director Ataus Samad, Head of Issue Management of Prime Bank Investment Limited HA Mamun, Chief Executive Officer of LankaBangla Securities Khandoker Saffat Reza, Head of Primary Market Services of LankaBangla Investments Limited Md Khaled Hassan and other senior officials of respective organisations were present at the issue management agreement signing ceremony.