NRB Commercial Bank Limited is all set to open its initial public offering (IPO) subscription today (3 February) aiming to raise Tk120 crore from investors in the stock market.
The investors would be able to buy the company's primary shares till the evening of 9 February. The IPO will be offered to the public at a face value of Tk10 per share.
The bank will use Tk110 crore of this fund for government securities, Tk6.05 crore for the secondary market and Tk3.95 crore as IPO expenses.
Previously, on 18 November last year, the bank got the securities regulator's approval to raise the funds through an IPO.
NRBC Bank is the first bank to be listed on the country's stock market in 12 years.
Asian Tiger Capital Partners and FC Capital are the issue managers of the company.
NRBC Bank Chairman Parvez Tamal said that the bank’s compliance would further enhance through its listing in the stock market, which is also good for us. From now on, it would be a public bank,” he added.
Parvez Tamal said that bringing the general people under the banking services is the main agenda of the bank.
“We are expanding the branch-based banking system as well as sub-branches, booths and agent banking.”
According to an audited report of the year ended on 31 December, 2019, the bank's net profit was Tk115.36 crore.
The net asset value per share (NAVPS) of the bank is at Tk13.86. The bank's deposits stood at Tk9,480 crore and its loans stood at Tk 7462 Crore, according to the latest data from the bank.
NRBC Bank was established on 20 February, 2013 and started operating on 2 April the same year. Countrywide, the bank has 83 branches, 400 sub-branches and 589 agents.
