The IPO lottery draw of Provati Insurance Limited will be held on December 15 subject to approval of the Securities and Exchange Commission (SEC), the company sources said.
The initial public offering (IPO) of the company received an overwhelming response from the applicants, who deposited more than Tk 5.06 billion (506 crore), 56.23 times the value of the total IPO shares worth Tk 90 million (9 crore) on offer for subscription.
The refund warrants of the unsuccessful applicants will be sent back to their respective bank accounts during December 18 to 23 from Dhaka Zilla Krira Sangstha and Motijheel AGB Colony Community Centre, the company sources told the FE.
"Provati Insurance saw the second such rush for IPO subscription after Grameenphone. The market lot of Provati was suitable for the subscribers, if their capability is taken into account. This is the main reason of the overwhelming response of the applicants," Mohsin Reza, office secretary of Provati's issue manager AAA Consultants & Financial Advisers Limited, told the FE.
The face value of a share is Tk 100 and the market lot contains 50 shares. The company takes no premium.
According to the prospectus of the company, its earning per share (EPS) and net asset value (NAV) per share were Tk 20.29 and Tk 176.29 respectively as of December 31, 2008. Its paid-up capital is Tk 150 million (15 crore).
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