South Bengal Agriculture and Commerce (SBAC) Bank, a fourth generation private bank, has announced a schedule for the submission of applications for initial public offering (IPO) and subscription. The collection will start from July 5. It will run until July 11.

This information has been known from the bank sources.

It is learned that in the IPO, the bank will issue 100 million ordinary shares at a face value of Tk 10. And through this it will collect Tk 100 crore from the capital market. The bank will raise money from the capital market to spend on the purchase of government securities and IPO costs.

South Bengal Agriculture and Commerce Bank, which started its commercial journey in 2013, got the IPO approval on May 9. On the same day, the Bangladesh Securities and Exchange Commission (SEC) gave its approval at its 773rd meeting.

According to the audited financial statements of South Bangla Agriculture Bank as on September 30, 2020, the net asset value without revaluation has been Tk 13.18. And in 9 months of that year EPS has been 0.94. Which has been 1.24 at the weighted average rate of the last 5 years.

ICB Capital Management Limited is acting as the issue manager of the bank in the IPO.

Sunbd/NJ