Padma Life Ins IPO subscription from today

Initial public offering (IPO) subscription of Padma Life Insurance will begin today and continue till January 26 this year.

For Non-Resident Bangladeshis (NRBs), the date is, however, extended to February 4, 2012, company sources said.

The company will float 12 million shares at an offer price of Tk 10 each to raise Tk 120 million. The market lot will be 500 shares.

The Net Asset Value (NAV) per share of Padma Islami Life Insurance Limited is Tk 36.26 based on the actuarial valuation report on the financial statements for the year ended on December 31, 2010.

The Earning Per Share (EPS) of the company is Tk 2.72 for the year ended on December 31, 2010.

The proceeds from the IPO will be used to make partial loan repayment and to meet up the IPO expenses.

The company is is mainly engaged in Ekak Bima, Takaful Bima Prokalpa, Islami Sanchayee Bima Prokalpa, PDPS Prokalpa, Takwah Bima Prokalpa, Baitul Mal Bima Prokalpa, Al-Insuf Bima Prokalpa, Al-Amana Bima Prokalpa Group Insurance (GI), and non- traditional Micro Insurance business.

Union Capital will act as the issue manager for the IPO.

Source: Daily Sun, 22 January 2012