Get in early. Apply for IPOs in a tap.
Fixed price IPOs are offered at the ৳10 face value, with no premium. Historically, almost every one has started trading above that price. Apply for every IPO from the Amar Biniyog app for ৳10 per application, with a full refund if you aren’t allotted.
of DSE IPOs from 2008–2015 were underpriced, so they started trading above their offer price.
Sources: Rahman (2016), Research Journal of Finance and Accounting; “Modelling of IPO Underpricing in Bangladesh”, The Journal of Business. Past performance does not guarantee future returns.
Why investors love fixed price IPOs
Fixed price IPOs have been the main route to listing in Bangladesh, and studies of the DSE consistently found them priced below what the market later paid.
IPO first-day return vs other investments
Average return on the first trading day for investors allotted IPO shares, next to what other investments typically earn.
The IPO figures are first-day returns for shares actually allotted, from 2007–2016, before the 2019 circuit breaker that limits new listings to ±50% on each of their first two trading days. The other figures are returns or yields over a year or half-year, so this isn’t a like-for-like comparison. Because popular IPOs are oversubscribed and allotted by lottery, not every application gets shares. Sources: The Journal of Business; The Business Standard; Cbonds.
Buying at face value protects you
When a company sells shares at a premium, more of the future upside is already in the price.
Offered at ৳10 face value
For companies with post-IPO paid-up capital up to ৳125 crore. No premium can be charged.
- 60% of shares for general investors, by lottery
- 10% reserved for Non-Resident Bangladeshis
- Same price for everyone, so you don’t need to judge the valuation
- Historically the most underpriced IPOs on the DSE
Priced above face value
Set through book building or at a premium, often after bids from institutional investors.
- Less of the price gap is left for general investors
- General investors get a smaller share: 35%, and 7% for NRBs
Source: The Daily Star, Sept 2024
A fairer deal for small investors
The BSEC (Public Offer of Equity Securities) Rules, 2025 changed how IPOs work.
Lottery is back
General investors and NRBs are allotted by lottery again, replacing the pro-rata system used since 2020 that favoured larger bids.
Bigger, stronger companies
Companies need at least ৳30 crore paid-up capital before the IPO and ৳50 crore after, and must offer at least 10% to the public.
Steadier debuts
New listings can move up to 50% from the offer price on day one, and up to 50% again on day two.
Fixed price method — who gets the shares
Book building method — who gets the shares
Pension, provident & gratuity funds
We have helped many large organisations put their pension and gratuity funds to work in IPOs through the eligible investor quota, earning strong returns for their members.
- 30% of every fixed price IPO is set aside for eligible investors
- The largest share of book building IPOs, plus a say in price discovery
- Pro-rata allotment, not a lottery, so a larger application gets a larger allotment
- We help with Electronic Subscription System (ESS) registration, bidding, subscription and settlement
Institutions that qualify
Eligible investors must register on the Electronic Subscription System and meet BSEC’s requirements. They include:
- Recognised provident, pension, gratuity and superannuation funds
- Mutual funds and asset managers
- Banks, insurers and other financial institutions
- Companies and other eligible institutions
Under the fixed price method, no single eligible investor can apply for more than 1% of the eligible investor quota. Panel broking →
Apply for an IPO in 4 simple steps
Keep your account ready
Have an active BO account with enough balance before the subscription closes. New? Open online for ৳150.
Read our IPO notes
Our research team reviews each new IPO so you can decide with the key facts in front of you.
Apply
Apply in the app or contact us during the subscription period. Each application costs ৳10.
Allotment or refund
If you win the lottery, the shares arrive in your BO account. If not, the application amount is refunded to your BO account.
Living abroad? Use your NRB quota.
10% of every fixed price IPO and 7% of every book building IPO is reserved for Non-Resident Bangladeshis. Apply through your foreign currency account.
Never miss an IPO
Ask us about upcoming IPOs or how to apply, or let our institutional team help your fund apply through the eligible investor quota.
Send us a query
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IPO questions
What is an IPO?
An Initial Public Offering (IPO) is when a private company goes public by selling its shares to the general public for the first time. After the IPO, its shares trade on the stock exchange.
What does it cost to apply through Mika Securities?
৳10 per application, charged whether or not you are allotted shares. If you aren’t allotted, the application amount is refunded to your BO account. See pricing.
How are shares allotted?
Under the new rules effective 30 December 2025, general investors and NRBs are allotted by lottery when an IPO is oversubscribed. Eligible investors such as pension, provident and gratuity funds are allotted pro-rata.
Will every IPO go up?
No. Historically, almost all DSE IPOs started trading above their offer price, but some later fell below it, and since 2019 first-day moves are capped at 50%. Returns depend on the company and market conditions. Read our IPO notes before you apply.
Can our company’s provident or gratuity fund apply?
Yes. Recognised provident, pension, gratuity and superannuation funds can apply as eligible investors once registered on the Electronic Subscription System. Our institutional team can guide you through it.
I live abroad. Can I apply?
Yes. Non-Resident Bangladeshis have a dedicated quota and apply through a foreign currency account. See NRB Invest.
Be ready for the next IPO.
Open your BO account online for ৳150 and apply for every new IPO from your phone.
Sources: Md. Ataur Rahman, “Suitability of IPO Pricing Methods to Overcome Underpricing”, Research Journal of Finance and Accounting (2016), on 91 DSE IPOs from 2008–2015; “Modelling of IPO Underpricing in Bangladesh”, The Journal of Business, on 100 DSE IPOs from 2007–2016; a study of 97 DSE IPOs from 2008–2016; The Daily Star (29 Sept 2024); BSEC (Public Offer of Equity Securities) Rules, 2025 and The Financial Express; The Business Standard (DSEX, dividend yield); Cbonds (Treasury Bond yield). Historical IPO returns are averages for allotted shares and do not guarantee future returns. Investment in the capital market carries risk. Mika Securities Ltd. is a TREC-holding stock broker of the Dhaka Stock Exchange (TREC No. 215) and a CDBL depository participant.