Sonali Life Insurance gets IPO nod

Sonali Life Insurance has received market regulator BSEC’s go-ahead to float an initial public offer (IPO).

The life insurer had filed draft prospectus with the Bangladesh Securities Exchange Commission in October and received some 'observations' from it later that are necessary for an IPO.

According to the draft papers, the company IPO will put up 1.90 crore shares worth Tk 11.90 crore for sale. The offer value is Tk 10 each.

The company will invest the IPO fund in treasury bond, stock markets and fixed deposit, and meet IPO expenses, said the BSEC in a statement on Wednesday.

Established in 2013, it has over 21 branches and service centers across the country, with over Tk 18 crore paid-up capital, according to its website.