Sikder Insurance Company Limited has received approval from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk16 crore from the stock market through an initial public offering (IPO). The company will issue 1.6 crore shares with a face value of Tk 10 per share. The IPO proceeds will be utilized for investments in the capital market, fixed deposits, the purchase of floor space, and covering IPO-related expenses.
As per the audited financial report for the year ending on December 31, 2022, the company reported earnings per share (EPS) of Tk1.22, while its net asset value (NAV) per share, excluding revaluation, stood at Tk28.73. Sikder Insurance is engaged in various insurance businesses, including property insurance, marine cargo insurance, and aviation insurance.
Sonar Bangla Capital Management Limited is overseeing the IPO process as the issue manager, and G. Kibria & Co. Chartered Accountants is the company’s auditor. The company cannot declare any dividends or distributions until it is listed on the capital market. The IPO aims to support the company’s expansion plans and boost its financial position.