The company opened its IPO subscription on January 29 and it was scheduled to be closed on February 2.

"Investors could not apply for the IPO as some of the private banks, which are the bankers to the issue were supposed to receive money from the investors but they could not function properly in the first three days of the five-day subscription period due to 60-hour hartal ending Monday," said an official of the company.

Taking the situation into consideration, the company decided to extend the subscription period up to February 6 after taking permission from the regulator, he added.

"We hope IPO will get good response from the investors. So, they should be given sufficient time to apply for the shares," the official said.

Global Insurance offered 900,000 shares of Tk 100 each at par totaling Tk 9 crore. As per Public Issue Rules 1998, the company kept 10 percent of the total shares amounting to Tk 90 lakh reserved for the non-resident Bangladeshis (NRBs) and the rest Tk 8.10 crore offered to the general public.

As per provision of the Depository Act, 1999 and regulations made thereunder, shares will only be issued in dematerialised condition. As a result, it has been made mandatory for the company not to allow the applications for shares from the general public, who does not have beneficial owner account (BO account).

However, the NRBs have been allowed to apply for shares without BO account provided that he or she would inform the company in writing about his or her depository account number subsequently for getting shares of the company, if allotted in his or her favour.

Presently, 18 general and three life insurance companies are listed with the stock exchanges, which are being traded at attractive prices. Another insurance company Agrani Insurance company Limited opened subscription for IPO on January 9 and closed on January 13. The IPOs of Agrani were oversubscribed by more than seven times.