Midland Bank introduced shares to the employees from Initial Public Offering (IPO) as the first commercial lender in Bangladesh.
The fourth generation bank announced 7.14 percent from total IPO shares for the employees of the bank under employees share purchase plan (ESPP), said a press release on Thursday.
MDB will commence IPO subscription from February 16 in 2023, aiming to raise Tk 700 million under the fixed price method for one week.
From the total IPO, 5 million ordinary shares will be reserved for the employees of MDB and the remaining 65 million ordinary shares will be distributed among the eligible investors general public following the (Public Issue) Rules, 2015 of Bangladesh Securities and Exchange Commission.
MDB will use the funds to invest in the government securities and secondary market and cover IPO expenses. LankaBangla Investments Limited is acting as the issue manager of this portfolio.
At present, MDB is operated through 36 branches (17 urban branches and 19 rural branches), 16 sub-branches, 57 ATMs, 107 agent banking centers and 10 collection booths covering commercially important locations across the country.
