The initial public offering (IPO) of Trust Islami Life Insurance is set to open for subscription on April 3 as the company aims to raise Tk 160 million from the capital market under the fixed-price method. The subscription period will end on April 9 and the investors can apply through the electronic subscription system of the stock exchanges, officials said.This is the second IPO in 2023 after Midland Bank which already raised Tk 700 million under the fixed-price method between February 16 and 23. The new generation life insurer received approval from the Bangladesh Securities and Exchange Commission (BSEC) on January 25. As per the regulatory approval, the company will issue 16 million ordinary shares at a face value of Tk 10 each. The minimum and maximum amount allowed for subscription for the general public, including non-Resident Bangladeshi (NRB), would be Tk 10,000. The general public must have a minimum investment of Tk 50,000 in matured listed securities at market price to be eligible to apply for subscription while the investment amount for NRBs is Tk 100,000.
