The Bangladesh Securities and Exchange Commission on Sunday approved the initial public offering (IPO) of Union Bank Limited worth Tk 428 crore. The BSEC chairman Shibli Rubayat-Ul-Islam presided over the meeting.
The bank will raise 42.8 crore shares at an issue price of Tk 10 each.
The IPO funds will be used for financing SME and different projects, buying government securities, investing in the stock market and meeting IPO expenses.
The company has posted its NAV per share of Tk 16.38 and EPS of Tk 1.77 for the year ended on December 31, 2020.