IPO subscription of Islami Commercial Ins begins Nov 20

The subscription of the initial public offering (IPO) of Islami Commercial Insurance is going to start on November 20 and will run until November 24, an official of the Dhaka Stock Exchange said.

The insurer will issue 2.02 crore shares to raise Tk 20.26 crore from the stock market. It will use the IPO proceeds to invest in fixed deposits with banks, government securities and listed stocks.

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On December 31, its net asset value per share stood at Tk 20.96 and earnings per share were Tk 1.82. The IPO received approval on September 15.

The Bangladesh Securities and Exchange Commission has asked Islami Commercial Insurance not to declare any dividends before completing the listing with the stock exchanges.