Midland Bank started trading on Monday

Shares of Midland Bank, which has raised Tk 70 crore from the capital market through an initial public offering (IPO), will start trading on the Dhaka and Chittagong Stock Exchanges (DSE-CSE) next Monday (March 27). This information is known from DSE and CSE sources.

Midland Bank’s share ‘n’ category will be the transaction. The company’s trading code will be ‘MIDLANDBNK’. And the company code will be 11154.

Earlier last Wednesday (March 22), the bank’s shares were deposited as investors’ BO through CDBL.

The company accepted applications from investors from February 16 to February 23. At this time, a total of 15 thousand 338 investors, including individual-institutional and local-foreign investors, have submitted applications.

These investors applied to buy 5 crore 18 lakh 30 thousand 150 shares of the bank for Tk 51 crore 83 lakh 1 thousand 500, which is 74 percent of the company’s 7 crore shares.

As per the rules, if 65 percent of the shares of the company coming up for IPO are subscribed by investors, then the underwriter has to buy the remaining 35 percent of the shares. As a result, the company’s underwriter has bought 25.96 percent shares i.e. 1 crore 81 lakh 69 thousand 850 shares or 18 crore 16 lakh 98 thousand 500 shares.

The money raised will be used by the bank to invest in government securities and securities listed on the stock market and in the IPO sector.

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