Midland Bank's Tk 70 crore IPO gets nod

Midland Bank gets nod to raise Tk 70 crore through issuing seven crore ordinary shares in an initial public offering (IPO).

The approval came today from a meeting of the Bangladesh Securities and Exchange Commission (BSEC) held at the commission building headed by BSEC Chairman Prof Shibli Rubayat-Ul-Islam.

With the IPO proceeds, the bank would invest in government securities and listed companies' stocks, the commission said in a press release.

The lender's weighted average earnings per share was Tk 1.07 and net asset value was Tk 13 at the end of 2021.

However, the stockmarket regulator has added a condition, which is the bank has to ensure 2 per cent shareholding by each director and 30 per cent shareholding jointly.

LankaBangla Investments is the issue manager of the IPO.