ipo-india

IPO subscription of Sikder Insurance begins on 21 Dec

The company will issue 1.6 crore shares at a face value of Tk10 each

The initial public offering (IPO) subscription of Sikder Insurance Company Limited, a concern of the Sikder Group, will begin on 21 December and continue till 28 December. 

To apply for the company’s IPO shares, Bangladeshi resident general investors will need to have a minimum Tk50,000 investment in matured listed securities, and non-resident Bangladeshis (NRBs) Tk1 lakh as on 13 December.

In September this year, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise Tk16 crore from the stock market through an IPO to expand its business.

The company will issue 1.6 crore shares at a face value of Tk10 each.

It will invest the IPO fund in the capital market, fixed deposits, and purchasing floor space and to meet IPO expenses.

Sonar Bangla Capital Management Limited is working as the issue manager of the company for its IPO process.

The current paid-up capital of the company is Tk24 crore and the authorised capital is Tk50 crore.

According to the audited financial report for the year ending on 31 December 2022, the earnings per share (EPS) of the company stood at Tk1.22 while its net asset value per share was Tk28.73, excluding revaluation.

End of December 2022, the net premium of the company stood at Tk20.24 crore, which was Tk11.87 crore in 2021.

During the year, its net profit after tax was at Tk2.92 crore, which was Tk2.86 crore a year ago. Its retained earnings stood at Tk8.45 crore.

The company’s total assets stood at Tk181.29 crore and the total reserve and surplus was Tk44.96 crore at the end of December 2022.

It also paid claims of Tk27 lakh in 2022, which was Tk15 lakh in the same period of the previous year.

The company started operations in July 2013. It underwrites major insurance businesses such as fire accidental damage on property, marine cargo, marine hull, liability insurance, aviation, motor, engineering, and miscellaneous.

 

Source: The Business Standard

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