Sikder Insurance Company Limited will raise Tk16 crore from the stock market through an initial public offering (IPO) to expand its business.
The company will issue 1.6 crore shares, the Bangladesh Securities and Exchange Commission (BSEC) said in a statement on Thursday, after giving the green light to a proposal in this regard.
Each share of the company will have a face value of Tk10.
The company will invest the IPO funds in the capital market, fixed deposits and purchasing floor space and to meet IPO expenses.
According to the audited financial report for the year ending on 31 December 2022, the earnings per share (EPS) of the company stood at Tk1.22 while its net asset value per share was Tk28.73, excluding revaluation.
The insurer underwrites major insurance businesses such as fire accidental damage on property insurance, marine cargo insurance, marine hull, liability insurance, aviation insurance, motor insurance, engineering insurance & miscellaneous insurance.
Sonar Bangla Capital Management Limited is working as the issue manager of the company for its IPO process. G Kibria & Co Chartered Accountants is acting as the auditor of the company.
The company will not be able to declare any dividend, approval, and distribution before listing on the capital market.