IPO Note on Midland Bank Limited

We initiate an IPO note on Midland Bank Limited (MIDLANDBNK) with no assigned rating. The company has raised BDT 700mn through IPO under fixed price method. The fund will be used for investment in Government Securities (Bill/Bond) (87.3%), Investment in the Secondary Market (Listed A Category Shares) (7.1%), and the rest will be spent for IPO expenses.