Zenith Islami Life Insurance plans to raise BDT150m ($1.28m) through an initial public offering (IPO) to comply with regulatory requirements and expand its business.
The company has applied to the Bangladesh Securities and Exchange Commission (BSEC) to issue 15m ordinary shares at a face value of BDT10 each, reported The Business Standard.
Disclosing how the IPO proceeds will be used, the insurer indicates that it intends to allocate BDT84m to government treasury bonds, BDT28m to fixed deposit receipts, BDT28m to investments in the capital market, and BDT10m for IPO expenses.
Zenith Islami Life Insurance, established in August 2013, engages in individual life and group insurance business. The insurer had planned to float its shares a few years ago but was thwarted by the impact of the COVID-19 pandemic.
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