Union bank

Each General Investor Gets 792 Union Bank IPO Shares

General investors each received 792 IPO shares of Union Bank Limited, the highest number of IPO shares allocated to general investors.

The Dhaka Stock Exchange has arranged a program to distribute the main shares of the bank among the applicants on a pro rata basis.

Each of the non-resident Bangladeshis got 537 Union Bank IPO shares.

Union Bank has issued 42.8 crore of ordinary shares at a par value of Tk 10.

Prior to the prorated allocation of IPO shares, investors won one lot or 500 shares of any IPO through a lottery system.

The Bangladesh Securities and Exchange Commission has imposed rules to distribute IPO shares among investors on a pro rata basis instead of the IPO lottery system from April 1, 2021.

On September 5, the stock market regulator allowed Union Bank to raise Tk 428 crore from the public, which was the largest IPO in the banking sector.

Against its main stock of Tk 428 crore, Union Bank received offers of shares worth Tk 1,548 crore from investors, which is 3.62 times larger than the size of the IPO.

Every general investor can apply for IPO shares worth Tk 10,000 only. Thus, each candidate gets the same number of shares.

Prime Bank Investment Limited and BRAC EPL Investment Limited are the issue managers of the company.