Business Desk :
Islami Commercial Insurance Company gets nod to raise a fund of Tk 20.26 crore from the stock market through initial public offering (IPO).
Bangladesh Securities and Exchange Commission (BSEC) gave the approval on Thursday in a meeting held at its building, according to a press release.
The company would issue 2.02 crore shares at a face value of Tk 10. To comply the order of the Insurance Development Regulatory Authority, it is going to be listed with the stock market.
With the IPO proceeds, the insurer would keep a fund in fixed deposit, buy government securities and listed securities, the BSEC said in the press release.
Its net asset value per share without revaluation surplus is Tk 17.48 and its earnings per share was Tk 1.82 at the end of 2021 financial year.
ICB Capital Management, Prime Finance Capital Management and EC Securities are the issue managers of the general insurance provider.
