The Bangladesh Securities and Exchange Commission (BSEC) has allowed Global Islami Bank Ltd – a new generation Shariah-based private sector lender – to raise Tk425 crore through an initial public offering (IPO).
According to a BSEC statement, the bank will use the fund to invest in Treasury securities and publicly traded securities and to meet the IPO expenses.
At the end of September 2021, the bank's net asset value per share stood at Tk14.42 without any asset revaluation.
In the July to December period of 2021, its earnings per share (EPS) stood at Tk1.91, whereas its five-year average EPS was Tk1.08.
Local merchant banks LankaBangla Investments Ltd and Prime Bank Investment Ltd are the issue managers for the IPO.
Global Islami Bank, which began its journey as NRB Global Bank last decade, is a lender with a focus on non-resident Bangladeshi workers' welfare.
The BSEC allowed the bank to allot one-fourth of the primary shares for NRB workers and the remaining three-fourth shares to offer to the regular institutional and individual investors under the IPO process.
The unsubscribed NRB workers' portion, if any, would be offered in the IPO, BSEC said.