NRB Commercial Bank’s IPO approved

The Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) proposal of NRB Commercial Bank under the fixed price method, making it the first BSEC-approved fourth-generation commercial bank.

NRB Commercial Bank will utilise the IPO proceeds to purchase government securities, invest in the secondary market and bear the IPO expense.

The bank aims to raise Tk120 crore in capital by issuing 120 million ordinary shares for Tk10 each.

According to the half-yearly audited financial statement for the period that ended on June 30 this year, the bank's net asset value (NAV) without revaluation stood at Tk13.86. Its weighted average earnings per share (EPS) of five years was Tk1.55.

Asian Tiger Capital Partners Investment and AFC Capital are the issue managers of NRB Commercial Bank.

The securities regulator has said the date of commencing the bank's IPO subscription will be fixed by February next year, considering the interest of investors.

After taking charge, the incumbent commission led by Prof Shibli Rubayat Ul Islam received two new IPO proposals including that of NRB Commercial Bank.

Another company which submitted IPO proposal is Subra Systems.