Global Islami Bank IPO gets nod

Global Islami Bank got the nod to raise funds of Tk 425 crore from the stock market by offloading ordinary shares through an initial public offering (IPO).

The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO during a commission meeting held at its office in Dhaka yesterday.

With the IPO proceeds, the bank will invest in the SME sector, government securities and stock market.

Its weighted average earnings per share was Tk 1.08 for the last five years.

LankaBangla Investments and Prime Bank Investments is the issue manager of the IPO.

Following the direction of the central bank, the BSEC allowed the bank to allot 25 per cent shares for non-resident Bangladeshis. The remaining 75 per cent of shares will be broken into two allocations with 75 per cent going to general investors and 25 per cent to eligible investors.