The draw date for the initial public offering (IPO) of Express Insurance Limited has been fixed. Express IPO result lottery draw on September, aiming to allocate 26.07 million ordinary shares among the successful applicants. The lottery draw will be held through digital platform due to ongoing Covid-19 pandemic, company officials said.
According to company sources, investors have applied for the company’s IPO worth Tk 156 crore or six times. Meanwhile, 115 eligible investors have applied for IPO. And 2 lakh 71 thousand 57 BO applications have been made to the general investors in the IPO.
Express Insurance IPO Result
The company’s IPO oversubscribed by six times as the company received about Tk 1.58 billion against IPO shares worth Tk 260.79 million, sources said. The stock market regulator approved the initial public offering (IPO) proposal of the company on February 18 of this year.
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As per the approval, the insurer offloaded more than 26.07 million ordinary shares at an offer price of Tk 10 each under the fixed price method. Initially, the company’s IPO subscription opening date was set on April 13 and closing date on April 20, but subscription was suspended then temporally due to Covid-19 outbreak and the market closure.
Express Insurance IPO Lottery Result Download
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In this case, an application of around Tk. Earlier, the company’s IPO application was completed on July 2.
It is learned that the application of the company was accepted from June 14 to June 18. But on June 16, the company applied to the BSEC for an extension of time after the deadline for accepting IPO applications expired. Following the company’s application, the BSEC allowed the extension till July 2.
After the lottery draw, the result will be published on the websites of Dhaka Stock Exchange, Chittagong Stock Exchange, issue manager, and the company. The non-life insurer raised a fund worth Tk 260.79 million from the capital market using the fixed price method.
DSE IPO Lottery Result 2023
The company’s revised IPO subscription date was June 14 to June 18. Later, the subscription period extended until July 2 with the securities regulator’s approval as many investors failed to apply for the IPO shares due to the ongoing Covid-19 pandemic, company officials said.