Bangladesh's Union Bank raises 4.28B taka in IPO

Union Bank Ltd. raised 4.28 billion Bangladeshi taka in an IPO by issuing 428 million ordinary shares at an offer price of 10 taka apiece under a fixed price method.

The Islamic lender closed the subscription for the IPO on Dec. 30, 2021. Proceeds from the offering will be invested in small and medium-sized enterprises and project finance, as well as government securities and the capital markets, according to a document from the Dhaka Stock Exchange.

Post-IPO, Union Bank's paid-up capital amounted to 9.87 billion taka, while its authorized capital amounted to 10 billion taka.

As of Jan. 14, US$1 was equivalent to 84.86 Bangladeshi taka.