Sonali Life debuts on bourses today 

Sonali Life Insurance Company will make its debut on the stock exchanges today. 

On 29 June, the company's primary shares were credited to the  beneficiary owner (BO) accounts. 

Earlier, the Dhaka stock exchange (DSE) formally allocated Sonali Life's IPO shares under the newly introduced pro-rata basis. 

According to the DSE, the company's IPO shares were oversubscribed 36.45 times by eligible investors who submitted applications through the  electronic subscription system (ESS).  

Of the eligible investors, those who applied with Tk10,000 will get a minimum of 17 IPO shares while those who applied with Tk20,000, 

Tk30,000, Tk40,000, and Tk50,000 would get 34, 51, 68, and 85 shares respectively. 

Besides, investors affected by the 2010 market crash will get a minimum of 22 shares and non-resident Bangladeshis will get a minimum of 33 shares.  

The company completed its IPO subscription from 30 May to 3 June this year. 

On 9 December 2020, the regulator gave the company approval to raise Tk19 crore from the stock market by issuing 1.9 crore shares through an IPO. 

The shares will be offered to the public at a face value of Tk10 each. 

The company will invest the fund in government securities, fixed deposit receipts, and the secondary market. 

According to the company's audited financial report for the year ending on 31 December 2020, its life insurance fund increased by Tk58.37 crore, reaching Tk153.71 crore. Its pre-IPO net asset value per share was Tk25.56 until 31 December 2020. 

The authorised capital of Sonali Life Insurance, which was incorporated on 7 July 2013, is Tk100 crore. 
Currently, its paid-up capital is Tk28.5 crore and post-IPO paid-up capital will be Tk47.5 crore. 

The company has more than 76 branches and service centres across the country. 
It has no subsidiary and does not belong to a holding company. 

ICB Capital Management and Agrani Equity and Investment are working as the issue managers of Sonali Life Insurance for the IPO process.