IPO shares of Midland Bank Limited (MDB) have been successfully allotted through the Electronic Subscription System (ESS) of Bangladesh.
The Allotment Ceremony of IPO Shares was held at the Meeting Room of DSE Tower at Nikunja on Thursday, March 16, 2023. The category wise allotment of shares of the IPO of Midland Bank Limited are furnished below:
|Sl||Category||Total BO A/C||Total Shares|
|1||Eligible Investors (other than Mutual Funds & CIS)||92||23,906,250|
|2||Mutual Funds & Collective Investment Schemes (CIS)||26||7,920,000|
|3||General applicants (RB)||14,315||14,315,000|
|4||General applicants (NRB)||744||744,000|
|5||Employees of Midland Bank Limited||161||4,944,900|
The IPO subscription was held from 16-23 February 2023. Earlier, the Bangladesh Securities and Exchange Commission accorded approval to Midland Bank for raising Tk.70 crore through IPO from the capital market.
Midland Bank Limited, allotted 4,944,900 of its total IPO shares to the employees of the bank under Employees Share Purchase Plan (ESPP).
MDB will use the funds to invest in the government securities, secondary market and cover IPO expenses.
As per clause-18 of the IPO consent letter issued by BSEC, the new shareholders through IPO, will be eligible for the dividend entitlement for the financial year 2022. LankaBangla Investments Limited is the Issue Manager for the IPO of Midland Bank Limited.