BSEC approves Tk16cr IPO of Meghna Insurance
The company will issue 1.6 crore ordinary shares at a face value of Tk10 each
The Bangladesh Securities and Exchange Commission (BSEC) recently allowed Meghna Insurance Company Ltd to raise Tk16 crore from the stock market through an initial public offering (IPO).
The company will issue 1.6 crore ordinary shares at a face value of Tk10 each.
It will invest Tk2.4 crore in government treasury bonds, Tk3.2 crore in listed securities, and Tk9.52 crore in fixed deposit receipts (FDRs).
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Asian Tiger Capital Partners Investments, Prime Bank Investment, and UCB Investment are the issue managers for the company's IPO.
The principal business of Meghna Insurance is to provide all kinds of insurance, guarantees, and indemnities, other than life insurance.
It provides fire, marine, engineering, motor, and miscellaneous other insurance.
In the January-March quarter of 2021, the net profit of the company was Tk2.67 crore, which was Tk5.24 crore in the same period a year ago.
During the time, its earnings per share stood at Tk1.83 and net asset value per share at Tk16.41.
Till March 2021, the company's total income was Tk5.84 crore and total assets stood at Tk109.74 crore.
Its weighted average EPS for the last five years stood at Tk0.56.
Its paid-up capital is Tk24 crore, while the authorised capital is Tk100 crore.
The company will not be able to declare, approve, or disburse dividends before its stock market listing.
