BM Desk:
NRB Bank will raise Tk 1 billion from the primary market by creating 1 million shares at Tk 10 each under the fixed price option.
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 bank will utilize the IPO fund to invest in government and listed securities.
The NRB Bank has reported a 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 2023.
UCB Investment and Shahjalal Equity Management are working as issue managers for the IPO of the NRB Bank. The weighted average of the EPS for the last five years stood at Tk 0.72.
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 Thursday’s meeting, the securities regulator also approved a proposal by Navana Pharmaceuticals to issue unsecured and coupon-bearing bonds worth Tk 1.5 billion.
The company will utilize the funds to repay bank loans. Sixty percent 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 percent to 10 percent. The offer price of the debt securities will be Tk 0.1 million per unit. Prime Bank Investment and City Bank Capital Resources are working as trustees and arrangers of the bonds, respectively.
