The Bangladesh Securities and Exchange Commission on Wednesday approved the Crystal Insurance Company Limited’s proposal to raise Tk 16 crore from the country’s capital market through an initial public offering.
A BSEC meeting, presided over by its chairman Shibli Rubayat Ul Islam, approved the IPO proposal, a BSEC press release said.
Crystal Insurance Company will use the IPO fund to invest in the capital market and fixed deposit receipt in banks and meeting IPO expenses, according to its IPO prospectus.
As per the entity’s audited financial statements for the year ended on June 30, 2019, the company’s net asset value per share (without valuation) and weighted average earnings per share were Tk 24.42 and Tk 2.58 respectively.
Sonar Bangla Capital Management Limited is the issue manager of the company’s IPO. The eligible investors including institutional ones who intend to subscribe the company’s IPO shares must have at least Tk 1 crore in investment in the capital market five days before the subscription starts.
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