Bangladesh' Shahjalal Islami Bank Ltd is to float primary shares worth 935.8 million taka ($14 million) in the largest initial public offering (IPO) in the country's banking sector, officials said. "The Securities and Exchange Commission (SEC) has approved the bank's IPO application," Shafiqur Rahman, an SEC spokesman, told Reuters.
A senior official of the bank said the money raised in the IPO would be used to offer loans and advances to individual and business clients. He gave no details.
The bank's gross income in the year to June 30, 2006 was 1.14 billion taka, the official said. The bank's paid-up capital as of December 31, 2005 was around 940 million taka and total equity 1.15 billion taka. The Shahjalal Islami Bank, which started commercial operations in May 2001, has 16 branches across the country. Currently 34 banks are listed on the country's stock markets.