{"id":35373,"date":"2026-07-14T02:01:52","date_gmt":"2026-07-14T02:01:52","guid":{"rendered":"https:\/\/thebangladeshtoday.com\/?p=35373"},"modified":"2026-07-14T02:01:52","modified_gmt":"2026-07-14T02:01:52","slug":"industrialisation-stalled-as-capital-market-fails-to-break-bank-dependency-amid-record-ipo-drought","status":"publish","type":"post","link":"https:\/\/thebangladeshtoday.com\/?p=35373","title":{"rendered":"Industrialisation stalled as capital market fails to break bank dependency amid record IPO drought"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Niaz Mahmud<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Country\u2019s capital market is steadily losing its role as a source of long-term industrial financing, leaving businesses increasingly dependent on banks at a time when the banking sector itself is struggling with mounting bad loans, liquidity constraints and elevated lending rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once envisioned as a key pillar of industrial development, the country's stock market has now gone through two consecutive fiscal years\u2014FY2024-25 and FY2025-26\u2014without a single Initial Public Offering (IPO), an unprecedented drought that economists say reflects deep-rooted structural weaknesses in the financial system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prolonged absence of new listings has deprived industries of an important avenue for raising long-term capital while limiting investment opportunities for investors. Analysts warn that unless the capital market regains its role in financing, Bangladesh's ambitions for faster industrialisation, employment generation and sustainable economic growth could remain constrained by an excessive reliance on commercial banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Capital market losing economic significance<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Official data show that the country\u2019s market capitalisation-to-GDP ratio declined to 11.42 percent in FY2025-26, down from 11.93 percent a year earlier, underscoring the market's diminishing contribution to the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The composition of the market also highlights its structural weakness. Equities accounted for only 51.32 percent of total market capitalisation, while corporate bonds represented just 0.60 percent, reflecting the country's underdeveloped debt capital market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economists argue that such indicators remain significantly below those of many emerging economies, where stock markets play a central role in financing industrial expansion, infrastructure development and innovation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Capital market analyst Professor Abu Ahmed said the low market capitalisation ratio demonstrates the market's inability to channel domestic savings into productive investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Instead, businesses continue to rely overwhelmingly on bank credit for long-term financing\u2014a financing model that exposes companies to high borrowing costs, refinancing risks and maturity mismatches, he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Two-year IPO freeze deepens financing crisis<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The absence of IPOs over the past two fiscal years has become one of the clearest indicators of the market's deteriorating health.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market data show that only 52 companies raised approximately Tk79.8 billion through IPOs over the past five years, averaging merely Tk15.96 billion annually. However, not a single company entered the primary market during either FY2024-25 or FY2025-26.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants say the prolonged IPO drought has weakened market depth, reduced liquidity and deprived investors of quality investment opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More importantly, industries have lost access to an alternative source of long-term financing precisely when the banking sector has become increasingly cautious about extending fresh industrial credit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Businesses remain trapped in bank financing<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the capital market virtually inactive as a fundraising platform, entrepreneurs have little choice but to depend on bank loans to finance long-term investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Industry leaders say financing long-term projects through bank borrowing substantially increases financial costs while exposing companies to liquidity and refinancing risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many businesses now view bank borrowing\u2014even at relatively high interest rates\u2014as a more predictable option than navigating the lengthy and uncertain IPO approval process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The financing imbalance has become even more pronounced as banks themselves reduce private-sector lending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to Bangladesh Bank data, private-sector credit growth slowed to 4.98 percent in May 2026, remaining close to its lowest level in more than two decades and far below the central bank's target.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banks have increasingly shifted their funds into higher-yield government treasury bills and bonds instead of extending new industrial loans, while businesses have virtually no alternative financing channel because of the stagnant capital market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economists believe this overdependence on banks has significantly constrained private investment and industrial expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Regulatory bottlenecks discourage quality listings<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants identify regulatory complexity as one of the principal obstacles preventing reputable companies from entering the stock market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Entrepreneurs argue that the existing IPO valuation methodology often fails to reflect companies' fair market value, discouraging fundamentally strong firms from going public.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Several business leaders also describe the IPO approval process as excessively lengthy, complicated, and uncertain.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Although the Bangladesh Securities and Exchange Commission (BSEC) has focused on restoring market discipline and stability, market observers say reforms to facilitate quality listings have progressed slowly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A high-level capital market task force formed in October 2024 submitted 17 recommendations aimed at revitalising the market. However, more than a year later, most of those proposals remain unimplemented despite directives from former Chief Adviser Professor Muhammad Yunus to restore investor confidence and strengthen the market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Investor confidence yet to recover<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Years of weak corporate governance and controversial IPOs continue to undermine investor confidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Market participants estimate that 149 listed companies collectively raised more than Tk110 billion from investors over the years, yet many later became financially distressed, underperformed or ceased operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The experience has made retail investors increasingly cautious.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\"Many investors opened BO accounts solely to participate in IPO subscriptions. With no new offerings for two consecutive years, much of that enthusiasm has disappeared,\" said Saiful Islam, President of the DSE Brokers Association of Bangladesh (DBA).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Richard D'Rozario, Director of the Dhaka Stock Exchange (DSE), noted that IPOs historically served as the primary entry point for first-time investors, including students and salaried professionals, many of whom later became long-term participants in the secondary market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\"Without quality listings, the market risks losing both new investors and its broader economic relevance,\" he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Companies cite structural weaknesses<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Business leaders argue that the reluctance to seek public listing stems from structural shortcomings rather than a preference for bank financing alone.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One leading industrialist told The Bangladesh Today that the current IPO approval process can take up to two years and requires extensive documentation, while the prevailing valuation mechanism often fails to reward fundamentally strong companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He added that the persistent weakness of the secondary market further discourages companies from issuing shares because depressed valuations fail to reflect their intrinsic worth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another entrepreneur said governance failures involving previously listed companies have significantly damaged investor confidence, making reputable firms reluctant to enter the market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>BSEC promises regulatory reforms<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The securities regulator says reforms are underway to revive the market. The BSEC Chairman Masud Khan said the commission plans to amend listing regulations within the next three months to allow eligible private companies to list through direct listing by floating only 10 percent of their shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Currently, only state-owned enterprises are permitted to use the direct listing mechanism and must offer at least 25 percent of their shares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed reforms aim to attract large, well-governed private companies\u2014including Unilever Bangladesh and Incepta Pharmaceuticals\u2014to the stock market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\"The current IPO process is lengthy and cumbersome. Entrepreneurs often wait one-and-a-half to two years for approval. Consequently, many quality companies prefer bank financing over raising funds through the capital market,\" Khan said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economist Abu Ahmed argues that Bangladesh cannot sustain rapid industrialisation while relying almost exclusively on banks for long-term financing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A vibrant primary market capable of mobilising domestic savings and attracting quality companies is essential for supporting private investment, expanding industrial capacity and creating employment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Without restoring investor confidence, simplifying listing regulations, ensuring fair valuations and implementing long-delayed structural reforms, analysts warn that the capital market will remain a marginal player\u2014rather than becoming the engine of economic growth that Bangladesh urgently needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Niaz Mahmud The Country\u2019s capital market is steadily losing its role as a source of long-term industrial financing, leaving businesses increasingly dependent on banks at a time when the banking sector itself is struggling with mounting bad loans, liquidity constraints and elevated lending rates. Once envisioned as a key pillar of industrial development, the country's [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":35374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[110],"tags":[45],"class_list":["post-35373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-business","tag-45"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Industrialisation stalled as capital market fails to break bank dependency amid record IPO drought - The Bangladesh Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thebangladeshtoday.com\/?p=35373\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrialisation stalled as capital market fails to break bank dependency amid record IPO drought - The Bangladesh Today\" \/>\n<meta property=\"og:description\" content=\"Niaz Mahmud The Country\u2019s capital market is steadily losing its role as a source of long-term industrial financing, leaving businesses increasingly dependent on banks at a time when the banking sector itself is struggling with mounting bad loans, liquidity constraints and elevated lending rates. 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