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General investors get 250 IPO shares of NRB Bank

Dhaka Stock Exchange (DSE) Chief Regulatory Officer Khairul Bashar Abu Taher Mohammed, Chittagong Stock Exchange (CSE) Deputy General Manager Hasnine Bari, NRB Bank Deputy Managing Director Md. Shaheen Howlader and others pose for photos at a ceremony held at the DSE Tower in Dhaka on Tuesday marking the allocation of NRB Bank shares among general investors under the electronic subscription system.

General investors get 250 IPO shares of NRB Bank

Each general investor got at least 250 initial public offering (IPO) shares of NRB Bank, while non-resident Bangladeshis (NRBs) received 209 shares against a deposit of Tk 10,000.

The Dhaka Stock Exchange (DSE) on Tuesday allocated the IPO shares of the bank on pro-rata basis, which ensures share distribution to every applicant.

The IPO subscription of the fourth-generation private commercial bank was held from January 28 to February 1 to raise Tk 1 billion from the primary market under the fixed price method.

The IPO was oversubscribed by 3.61 times, according to a statement issued on Tuesday.

NRB Bank received approval of the Bangladesh Securities and Exchange Commission (BSEC) on November 9 last year for the fund raising.

The lender issued 100 million ordinary shares at Tk 10 each.

Of the IPO proceeds, it will invest Tk 920 million in government securities and Tk 42 million in the stock market. The remaining Tk 38 million is set as IPO expenses.

The bank has reported net asset value per share of Tk 12.72 (without revaluation) and earnings per share (EPS) of Tk 0.27 for the nine months through September last year.

The weighted average of the EPS for the last five years stood at Tk 0.72.

UCB Investment and Shahjalal Equity Management are jointly working as issue manager for the IPO of NRB Bank.

With the NRB Bank, the number of listed banks will come to 36.

NRB Bank, established in 2013, launched a wide variety of products and services under different categories, such as retail banking, SME banking, NRB banking, corporate banking, e-banking, treasury operation, and security and custody services.

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