Meezan Bank, CDC jointly launch e-IPO service

KARACHI: Meezan Bank, in collaboration with the Central Depository Company (CDC), has successfully launched electronic initial public offering (e-IPO) subscription facility for its customers, a statement said on Friday.

Meezan Bank is the first in the banking industry to allow registered investors to make payments through all of its alternate distribution channels, including Meezan Bank’s ATMs, internet banking facility and mobile banking application, it added.

The newly-launched service will enable Meezan Bank’s customers having CDC subaccount (with CDC Investors-Account, Participant-Sub Account or Broker-Sub Account) to subscribe to the public offering of shares online via www.cdceipo.com.

CDC has introduced this centralised e-IPO system (CES), facilitating electronic subscription, following the State Bank of Pakistan’s (SBP) and the Securities and Exchange Commission of Pakistan’s (SECP) active agenda of providing the public with a hassle-free mechanism for application of subscription of securities.

Investors having valid computerised national identity cards, bank accounts in Meezan Bank and CDC subaccounts will be able to electronically register themselves with CDC through this efficient system available 24 hours a day, throughout the year and avail of Meezan Bank’s IPO subscription service online.