BSEC approves Trust Islami Life's IPO

INSURANCEDAILY.NET, Bangladesh Securities and Exchange Commission (BSEC) has approved the initial public offering (IPO) of Trust Islami Life Insurance Limited. 

This approval was given in the 853rd commission meeting of BSEC held on Wednesday (January 25).

According to BSEC, Trust Islami Life Insurance Limited will raise a total of Tk 16 crore from the capital market through IPO. For this, the company will issue 1 crore 60 lakh common shares at 10 rupees.

The company will use the money raised through the IPO to purchase government treasury bonds, invest in capital markets, invest in fixed deposits and IPO expenses.

According to the actuarial valuation report of this life insurance company dated 30th June 2022, the total surplus is Tk 73 lakh 20 thousand.

BMSL Investment Limited is acting as the issue manager to bring the company to the capital market.

The regulatory body BSEC has added a condition that Trust Islami Life Insurance Limited cannot declare, approve or distribute any kind of dividend before listing in the capital market.