Chartered Life IPO subscription opens on 25 September
The company wants to raise Tk15cr from the capital market
Subscription to the initial public offering (IPO) of Chartered Life Insurance Company Limited will open on 25 September and continue till 29 September.
The new generation life insurer secured approval of the Bangladesh Securities and Exchange Commission (BSEC) earlier, to raise Tk15 crore from the capital market at a face value of Tk10 per share.
The IPO is intended to comply with the regulatory requirement, whereby insurers like banks and non-bank financial institutions, are obliged to go public within several years of commercial operations.
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The company will use the IPO funds to invest in government and publicly listed securities, alongside meeting the expenses for the IPO.
Chartered Life was incorporated in 2013 and its paid-up capital stood at Tk22.5 crore at the end of 2020.
According to the actuarial valuation report, the company's total life insurance fund was Tk35.22 crore at the end of 2021, while the surplus in the life insurance fund was over Tk4.67 crore.
AAA Finance and Investments, Trust Bank Investment, and AB Investment are the joint issue managers of the insurer's IPO.
The company cannot announce or pay any dividends before its listing, said the BSEC.
