General investors get 255 IPO shares of NRB Bank

General investors were allotted 255 shares in the initial public offering (IPO) of NRB Bank, while non-resident Bangladeshis (NRBs) received 209 shares against a Tk10,000 deposit.

The Dhaka Stock Exchange (DSE) allocated the IPO shares of the bank on a pro-rata basis.

The IPO was oversubscribed by 3.61 times, as stated in a DSE press release.

Earlier, on 9 November, the bank received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk100 crore through issuing new shares at Tk10 each under the IPO.

The bank will invest Tk92 crore in government securities, Tk4.17 crore in the secondary market and Tk3.83 crore to meet its IPO expenses.

According to the financial report of January to September of 2023, its consolidated net profit after tax stood at Tk16 crore and earnings per share at Tk0.27, which was Tk55 crore and Tk0.94 respectively in 2022.

As on 30 September 2023, its net asset value per share stood at Tk12.72.

According to the prospectus of the bank, at the end of September 2023, its non-performing loan (NPL) ratio stood at 6.10% of the total outstanding, which was 3.22% a year ago.

NRB Bank, established in 2013, launched a wide variety of products and services under different categories such as retail banking, SME banking, NRB banking, corporate banking, and e-banking.