NRB Bank will raise Tk 1 billion from the primary market by offloading 1 million shares at Tk 10 each under the fixed price method.
It will utilise the IPO fund to invest in government and listed securities.
The Bangladesh Securities and Exchange Commission (BSEC) on Thursday approved the company’s IPO proposal at a meeting at its office in the capital.
The company has reported net asset value per share of Tk 12.72 (without revaluation) and earnings per share (EPS) of Tk 0.27 for a period of nine months through September this year.
The weighted average of the EPS for the last five years stood at Tk 0.72.
UCB Investment and Shahjalal Equity Management are working as issue managers for the IPO of the NRB Bank.
The securities regulator has barred the company from approval or distribution of any kind of dividend before its listing on the stock exchanges.
With the NRB Bank, the number of listed banks will stand at 36.
At the Thursday’s meeting, the securities regulator also approved a proposal of Navana Pharmaceuticals of issuing unsecured and coupon bearing bonds worth Tk 1.5 billion.
The company will utilise the fund to repay bank loans.
Sixty per cent of the bonds will be convertible and the bonds will be issued to institutional investors and high net worth individuals through private placements.
The coupon rates will range from 8 per cent to 10 per cent.
The offer price of the debt securities will be Tk 0.1 million per unit. Prime Bank Investment and the City Bank Capital Resources are working as trustee and arranger of the bonds respectively.
