Bangladesh's second-biggest bank, state-owned Janata Bank, plans to raise 10 billion taka ($145 million) in the small southern Asian nation's biggest IPO, bank and regulatory officials said on Wednesday.
The IPO will beat the $140 million raised at an IPO in October and a pre-IPO private placing by
top mobile operator Grameenphone Ltd GRAE.DH, majority-owned by Norway's Telenor .
Janata (or Peoples') Bank, which had end-2008 total assets of 267 billion taka ($3.86 billion), submitted its application to the market regulator this week, the officials said. Janata, which operates 850 branches, including four in the United Arab Emirates, and employs 13,000 staff, will offer 10 million shares at 100 taka each, with a 900 taka premium. The bank has authorized capital of 8 billion taka ($117 million), according to its website. (www.janatabank-bd.com)
ICB Capital Management, a subsidiary of the Investment Corporation of Bangladesh, is underwriting the share sale. The $27 billion Dhaka bourse .DSI, which has risen more than 70 percent this year, has seen few IPOs larger than $10 million.
Janata, Sonali Bank and Agrani Bank became public limited companies in November 2007 in a move aimed at improving efficiency and transparency. Janata will be the second state bank to list on the exchange, following Rupali Bank RPBK.DH. Ratings agency Fitch last month withdrew ratings on all four of the nationalised, commercial banks due to limited investor interest.
The IPO will beat the $140 million raised at an IPO in October and a pre-IPO private placing by
top mobile operator Grameenphone Ltd GRAE.DH, majority-owned by Norway's Telenor .
Janata (or Peoples') Bank, which had end-2008 total assets of 267 billion taka ($3.86 billion), submitted its application to the market regulator this week, the officials said. Janata, which operates 850 branches, including four in the United Arab Emirates, and employs 13,000 staff, will offer 10 million shares at 100 taka each, with a 900 taka premium. The bank has authorized capital of 8 billion taka ($117 million), according to its website. (www.janatabank-bd.com)
ICB Capital Management, a subsidiary of the Investment Corporation of Bangladesh, is underwriting the share sale. The $27 billion Dhaka bourse .DSI, which has risen more than 70 percent this year, has seen few IPOs larger than $10 million.
Janata, Sonali Bank and Agrani Bank became public limited companies in November 2007 in a move aimed at improving efficiency and transparency. Janata will be the second state bank to list on the exchange, following Rupali Bank RPBK.DH. Ratings agency Fitch last month withdrew ratings on all four of the nationalised, commercial banks due to limited investor interest.
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