Midland Bank to debut on bourses Monday

Midland Bank, a new-generation lender, will make its stock trading debut on the Dhaka and Chattogram bourses on Monday.

Some 26% of the primary shares of Midland Bank remained unsold despite its good financial performance. And, it's the first time in the Bangladeshi stock market history that a bank's initial public offering (IPO) shares remained undersubscribed.

The lender completed its IPO subscription between 16 to 23 February this year.

Earlier, the Bangladesh Securities and Exchange Commission (BSEC) allowed the private sector lender to issue 7 crore shares at a face value of Tk10 each to raise Tk70 crore capital from the stock market.

Of the IPO fund, the bank will invest over Tk61 crore in Treasury bonds and bills, Tk5 crore in the listed "A" category securities, and use the remaining to meet the IPO expenses.

LankaBangla Investments Limited will be the issue manager of the bank's IPO.

From July to September 2022, its profit after tax stood at Tk9.37 crore, which was Tk10.43 crore in the same period of the previous year.

During the period, its earnings per share (EPS) stood at Tk0.16, which was Tk0.18 a year ago.

From January to September 2022, its profit after tax stood at Tk18.92 crore, which was Tk45.48 crore in the same period of the previous year.

During the period, its EPS was Tk0.33, which was Tk0.80 in the previous year.

The sponsor-directors of Midland Bank must jointly hold at least 30% of the company's shares, while each director must individually hold at least 2%, before the bank's stock market listing.

Incorporated in 2013, Midland Bank has emerged as a full-fledged commercial bank with a well-diversified portfolio, a strong financial base with shock absorption capability, and operational efficiency.