NBC Bank IPO lottery draw held

The initial public offering (IPO) lottery
draw of NRBC Bank was held today to allocate its 120 million ordinary shares
among successful applicants.

Due to the ongoing Covid-19 pandemic, the program was held on a limited
scale at the Westin in the city, said a press release.

Chairman of the Bank S M Parvez Tamal, Managing Director and CEO Md
Mukhter Hossain, Company Secretary Md Mozammel Hossain, Chief Financial
Officer Harunur Rashid and a number of Directors and Shareholders of the bank
were present on the occasion.

State Minister for Water Resources Col Zahid Faruk (Retd) was present as
special guest.

The IPO subscription of NRBC Bank was held from 3 to 9 February. The
Bank raised Taka 120 crore by issuing ordinary shares at face value of Taka
10 each under the fixed price method wherein the general investors have
applied to buy 8.729 times higher the number of IPO shares being offered by
the bank in its IPO.

Amongst the IPO proceeds, the bank has allocated 60 per cent shares for
general investors where applications eqvt. Taka 597.77 crore and 40 per cent
shares allocated for eligible institutional investors where applications
eqvt. Taka 452.38 crore were submitted.

The representatives from CDBL, Bangladesh Securities Exchange
Commission, Dhaka stock Exchange and Chittagong Stock Exchange and the issue
managers AFC Capital and Asian Tiger Capital Partners Investment Ltd. and
post issue manager UCAS were also present on the occasion.

“After a decade, a bank is getting listed with the stock market. The
overwhelming IPO applications show people’s trust in the bank,” said S M
Parvez Tamal, the chairman of NRBC Bank.

The fourth generation bank is the first private commercial bank in the
last 12 years to be listed with the stock market. NRBC Bank will be the 31st
listed bank in the stock market.

Source: Bangladesh Sangbad Sangstha (BSS)