Bangladesh’s stock market has gone 16 months without a single company listing or submitting an initial public offering (IPO) application, marking the longest such pause since the COVID-19 pandemic. The last company to list was Techno Drugs in July 2024. Despite directives from Chief Adviser Dr. Muhammad Yunus to accelerate listings of state-owned and multinational firms, no progress has been made, raising concerns among investors and market analysts.

Officials attribute the stagnation to the Bangladesh Securities and Exchange Commission’s (BSEC) ongoing revision of IPO regulations. The new Public Offer of Equity Securities Rules, 2025, has completed public consultation and awaits final approval. BSEC spokesperson Abul Kalam said companies could still apply under the 2015 rules but lacked initiative due to governance issues and restrictive pricing models. Market leaders, including the DSE Brokers Association, criticized the regulator for failing to maintain supply and investor confidence.

Analysts warn that the prolonged freeze has set the market back by at least two years, with over a quarter of listed firms now in weak ‘Z’ category. The new IPO framework, expected by December, may determine whether investor trust can be restored in 2026.