Crystal Insurance IPO lottery on 3 December
Investors have deposited around Tk467 crore in the company, which is 29 times higher than its target to raise from the stock market
A lottery for the Initial Public Offering (IPO) of Crystal Insurance Company, which runs all types of the general insurance business, will be held on 3 December.
According to the Chittagong Stock Exchange, the lottery will take place at 11am at Hotel Intercontinental in the capital.
Meanwhile, investors have deposited around Tk467 crore in the company, which is 29 times higher than its target to raise from the stock market.
The insurance company will issue 1.6 crore shares to raise Tk16 crore for investment in fixed deposits.
It had earlier completed its subscription from 10-16 November.
On 23 September, Crystal Insurance received approval from the Bangladesh Securities and Exchange Commission (BSEC) for the IPO.
Each share of the company will have a face value of Tk10.
According to the audited financial report for the year ending on 31 December, 2019, the earnings per share (EPS) of the company stood at Tk2.92 while its net asset value per share was Tk24.42, excluding revaluation.
The weighted average EPS of the company in the last five years stood at Tk2.58.
Sonar Bangla Capital Management is working as the issue manager of the company for its IPO process.
Like most of the general insurance companies in the industry, Crystal Insurance underwrites risks in the: fire, marine, motor, and miscellaneous business areas.