Subscription of Global Islami Bank IPO ends successfully

The subscription of the initial public offering (IPO) of Global Islami Bank Limited has ended successfully.

IPO share subscription started on October 16 and continued till October 20.

The IPO garnered a great response from investors, the bank said in a press release.

Global Islami Bank allocated 25 percent of the total IPO amount for the expatriates. The remaining 75 percent of shares were allocated to general investors. Investors were allowed to apply for an IPO up to Tk 10,000 or a multiple of it up to a maximum of Tk 50,000.

The Bangladesh Securities and Exchange Commission on June 15 allowed Global Islami Bank Limited to raise Tk 425 crore through an IPO under the fixed price method.

The bank will utilise the proceeds in financing SMEs, investing in government securities and in the stock market and meeting IPO expenses.

Prime Bank Investment Limited and LankaBangla Investment Limited were the issue manager of the company’s IPO.

The bank said it noticed excitement among investors and ordinary investors who had turned away from the capital market have regained confidence because of the IPO.