he initial public offering (IPO) of Trust Islami Life Insurance is set to open for subscription on April 3 as the company aims to raise Tk 160 million from the capital market under the fixed-price method.FEThe subscription period will end on April 9 and the investors can apply through the electronic subscription system of the stock exchanges, officials said.This is the second IPO in 2023 after Midland Bank which already raised Tk 700 million under the fixed-price method between February 16 and 23.The new generation life insurer received approval from the Bangladesh Securities and Exchange Commission (BSEC) on January 25.As per the regulatory approval, the company will issue 16 million ordinary shares at a face value of Tk 10 each.The minimum and maximum amount allowed for subscription for the general public, including non-Resident Bangladeshi (NRB), would be Tk 10,000.The general public must have a minimum investment of Tk 50,000 in matured listed securities at market price to be eligible to apply for subscription while the investment amount for NRBs is Tk 100,000.As per rules, each eligible investor (EI) who intends to submit applications has to maintain a minimum investment of Tk 30 million in listed securities at market price. The amount should be Tk 15 million for approved pension funds, recognised provident funds and approved gratuity funds.However, the cut-off date for the said investment amount is yet to be set.The company will utilise the IPO proceeds to buy government treasury bonds, invest in stock market and bear the IPO expenses.According to the audited financial report of the company for the year ended on 30 June 2022, its total surplus fund is Tk 7.32 million and the net asset value per share was Tk 10.30.The authorised capital of the life insurer is Tk 1.0 billion and the paid-up capital is Tk 240 million.BMSL Investment Ltd is working as the issue manager of Trust Islami Life Insurance for its IPO process.The life insurer is not allowed to declare, approve or distribute any dividend before listing on the stock exchanges, as per BSEC condition.Established in February 2014, Trust Islami Life Insurance is engaged in life insurance, group insurance, and micro insurance businesses in Bangladesh.Presently, 56 insurers -- both life and non-life -- are listed on the country s stock exchanges.