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Union Bank gets BSEC approval for Tk 4.28bn IPO

  • Staff Correspondent
  • 21 September, 2021 12:00 AM
  • Print news

The Bangladesh Securities and Exchange Commission (BSEC) has approved the proposal of Union Bank Limited to raise Tk 4.28 billion from the capital market through an initial public offering (IPO) under the fixed price method.

It is the largest IPO in terms of size among the banks and the 4th highest in the capital market of Bangladesh, said a press release.

The Prime Bank Investment Limited is the issue manager of the largest IPO.

Beside that, the PBIL is working as the lead-arranger for the Islami Bank Bangladesh Limited 2nd Mudaraba Perpetual Bond of Tk 800 crore where Tk 720 crore will be raised under Private Placement and the rest Tk 80 crore will be under public offer.

Also, the PBIL is the lead arranger of Al-Arafah Islami Bank Mudaraba perpetual bond of Tk 500 crore where Tk 450 crore will be raised under Private Placement and the rest Tk 50 crore will be under public offer.

Recently, the PBIL signed an agreement with Vantage Hi-Tech Limited to act as the manager to issue for Qualified Investor Offer (QIO) under SME platform.