36 Trust Islami Life’s IPO shares allotted to each general investor
The general investors each have received 36 initial public offering (IPO) shares of Trust Islami Life Insurance Ltd.
The shares were allotted at a subscription fee of Tk10,000.
And, non-resident Bangladeshi (NRB) investors have each received 72 shares of the company.
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The life-insurer had completed its IPO subscription between 3 April and 9 April.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise Tk16 crore from the stock market by issuing 1.6 crore shares at a face value of Tk10 each.
But the applications from general investors for the company's IPO shares stood at Tk305 crore, which is 19.06 times of what BSEC allowed the company to raise.
Trust Islami Life said it will invest its IPO fund in government securities, fixed deposit receipts (FDRs), and the secondary market.
According to the audited financial report for the period ending on 30 June 2022, the company's total surplus stood at Tk73.20 lakh. Net asset value per share stood at Tk10.3.
The company's authorised capital is Tk100 crore, and paid-up Tk24 crore, investment Tk15.68 crore, net premium Tk17.37 crore, total assets Tk45.67 crore, and total liabilities Tk7.96 crore.
BMSL Investment Limited is working as the issue manager of the company for its IPO process.
As per BSEC conditions, the life insurer will not be able to declare, approve, or disburse any dividend before listing in the capital market.
Trust Islami Life Insurance Limited was established in February 2014. It is engaged in life, group, and micro insurance businesses.
There are 78 companies in the insurance sector of Bangladesh. Of them, 32 are life insurance and 46 are non-life insurance companies. Fifty-six of the insurance companies are listed on the stock exchanges.
Experts have been saying for a long time that Bangladesh is one of the most untapped insurance markets in terms of penetration rate. Awareness and a strong culture of insurance service behind economic activities can help the industry thrive.
