Sikder Insurance makes share trading debut today

Sikder Insurance will commence trading of its shares on the Dhaka Stock Exchange (DSE) today under "N" category.

According to the Dhaka bourse, the trading code for the company is "SICL" and the DSE company code is 25758.

Earlier on 14 September last year, the general insurer got a nod from the Bangladesh Securities and Exchange Commission (BSEC) to raise Tk16 crore from the stock market by issuing 1.6 crore shares at a face-value of Tk10 each through an initial public offering (IPO) to expand its business.

The company had said it would invest the IPO funds in the capital market, fixed deposits and purchasing floor space and to meet IPO expenses.

General investors subscripted for the company's IPO shares from 21 December to 28 December.

Applications totalling Tk272.97 crore were received from investors for the company, surpassing the total of Tk16 crore by a staggering 17.06 times per share. Bangladeshi investors were allotted 42 shares each, while non-resident Bangladeshi investors received 105 shares each.

According to the audited financial report for the year ending on 31 December 2022, the earnings per share (EPS) of the company stood at Tk1.22 while its net asset value per share was Tk28.73, excluding revaluation.

In the January-September period of 2023, Sikder Insurance's net profit was Tk2.79 crore and the earnings per share Tk0.70 considering the IPO shares.

The insurer underwrites major insurance businesses such as fire accidental damage on property insurance, marine cargo insurance, marine hull, liability insurance, aviation insurance, motor insurance, engineering insurance and miscellaneous insurance.