NRB Commercial (NRBC) Bank has got the securities regulator's approval to collect Tk120 crore from investors through an initial public offering (IPO) on the stock market – after 12 years.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO at its meeting on Wednesday.
The remaining shares will be offered to the public at a face value of Tk10 each.
The bank will use Tk110 crore of this fund in government securities, Tk6.05 crore for investing in the secondary market and Tk3.95 crore as IPO expenses.
According to an audited report of the year ended on 31 December, 2019, the bank's net profit was Tk115.36 crore.
In the January-June period of this year, the bank's net profit was Tk36.21 crore and its EPS was Tk0.62.
Its net asset value per share without revaluation was Tk13.86. The bank's five years weighted average EPS was Tk1.55.
During the period, its net interest income was Tk81.38 crore, investment income Tk95.42 crore and total operating income Tk228.42 crore.
The bank's authorised capital was Tk1,000 crore while its paid-up capital Tk582.52 crore and post paid-up capital Tk702.52 crore.
Asian Tiger Capital Partners Investments Limited and AFC Capital Limited are the issue managers of the IPO.
NRBC Bank was established on 20 February, 2013 and started operating on 2 April the same year.
The bank has: 75 branches, 42 sub-branches, 23 BRTA collection booths, 13 land registration sub-branches, 229 land registration booths, and 583 agent banking partners across the country.
Its principal activities are banking and related activities including: accepting customer deposits; lending to retail, small and medium-sized enterprises as well as corporate customers; foreign trade business; lease financing; project financing; inter-bank borrowing and lending; plus dealing in government securities and equity shares.