NRB Bank gets BSEC nod to raise Tk100cr thru IPO

Business Desk :
NRB Bank Ltd, a fourth-generation private sector commercial bank, has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk100 crore through an initial public offering (IPO).

The private sector lender will issue ten crore ordinary shares through the fixed price method for raising the fund.

The commission on Thursday gave its consent to the proposal. The bank will invest Tk92 crore in government securities, Tk4.17 crore in the secondary market and Tk3.83 crore to meet its IPO expenses.

According to the financial report from January to September 2022, the consolidated net interest income of the bank stood at Tk78.69 crore, which was Tk74.12 crore in the same period of the previous year.

In the same period, its consolidated net profit after tax stood at Tk28.48 crore, which was Tk28.68 crore in the same period of the previous year.

As of September 30, 2023, its net asset value per share was Tk12.72 without revaluation. Its earnings per share for the period was Tk0.27, with a five-year weighted average of Tk0.72.

UCB Investment and Shahjalal Equity Management Ltd are working as the issue managers for the company.

The bank cannot declare dividends, make distributions, or approve any proposals before it is listed on the capital market.