The initial public offering (IPO) of the Union Capital Ltd (UCL) has been oversubscribed by 35 times

The initial public offering (IPO) of the Union Capital Ltd (UCL) has been oversubscribed by 35 times.This is the record subscription. Previously the Prime Islami Life Insurance Limited (PILIL) was oversubscribed by 31 times, according to capital market sources. "The IPO issued by the Union Capital has attracted a large number of investors during its five-day subscription ended Thursday last," said one senior official of the company.The UCL, a non-banking financial institution in the country, opened subscription on May 6 and ended on May 10. The UCL issued IPOs having face value at Tk 10 for raising Tk 75 million but it had been subscribed at Tk 2.5 billion.The subscription for the non-resident Bangladeshis (NRBs) will be closed on May 19. It has reserved 10 per cent quota for the NRBs. The UCL, took over by the local entrepreneurs in late 1998 when Peregrine Capital, one of the leading investment banks in the world, went to worldwide liquidation. However, sources at the company said that the lottery for allocating shares of 7,500,000 might take place on June 12 next at the Bangladesh-China Friendship Conference Centre (BIFCC) subject to the prior approval of the country's capital market watchdog, the Securities and Exchange Commission.