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Sikder Insurance Raises Tk 272.97 Crore Through IPO  

Industry: Financial, Insurance, Stock Market
Company: Sikder Insurance Company Limited
Company Intelligence Tag: Business Insights

Sikder Insurance and Financial Services Limited, after receiving an overwhelming investor response, garnered Tk272.97 crore through its initial public offering (IPO). The subscription period, from December 21 to December 28, witnessed a robust demand, with total applications exceeding the offered amount by 17.06 times per share.

Bangladeshi investors were allotted 42 shares each, while non-resident Bangladeshi investors received 105 shares each. The audited financial report for the year ending on December 31, 2022, revealed an earnings per share (EPS) of Tk1.22 and a net asset value per share of Tk28.73 (excluding revaluation). In the January–September 2023 period, Sikder Insurance recorded a net profit of Tk2.79 crore and an earnings per share of Tk0.70, considering the IPO shares.

The company plans to utilize the IPO funds for investments in the capital market, fixed deposits, floor space acquisition, and meeting IPO expenses. Sikder Insurance is actively involved in various insurance sectors, including fire, marine, aviation, motor, and engineering insurance.

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