The Bangladesh Securities and Exchange Commission (BSEC) has rejected the IPO application of Zenith Islami Life Insurance, which aimed to raise Tk15 crore. The company’s plan involved issuing 1.5 crore shares at Tk10 each to meet regulatory requirements and expand its business. The application was declined due to deficiencies, and the company must address these before resubmitting.
Zenith planned to invest in government bonds, fixed deposits, and the capital market, alongside covering IPO expenses. Established in 2013, Zenith reported a net premium of Tk28.34 crore for 2023, down from Tk30.32 crore in 2022, while its life fund balance nearly doubled.