Dhaka, Bangladesh (BBN)-The newly listed Doreen Power Generations and Systems dominated the turnover chart on the Dhaka Stock Exchange (DSE) last week that ended on Thursday.
Some 10.54 million Doreen Power shares were traded last week, (Just two trading days as it made debut on Wednesday), generating a turnover of BDT 832 million, which was 4.07 per cent of the premier bourse’s total turnover of BDT 20.43 billion.
The average daily turnover of the company was BDT 166.43 million.
Each share of Doreen Power, which made trading debut on Wednesday, closed at BDT 78.50 on Thursday, the last trading day of the week, surging 170.68 per cent from its issue price of BDT 29 each.
Market insiders said the investors showed higher enthusiasm surrounding debutant Doreen Power throughout the session amid short-term speculation.
“So, it created hype among the investors on the first day of trading,” said an analyst.
Meanwhile, the company’s consolidated net profit fell nearly 47 per cent to BDT 39.45 million for the six months (July-December 2015) period and consolidated basic EPS was BDT 0.66 as against consolidated net profit of BDT 74.18 million and consolidated basic EPS of BDT 1.24 for the same period a year ago.
However, considering Post-IPO 80,000,000 number of shares, the company’s consolidated basic EPS would be BDT 0.49 for the six months period ended on 31 December 2015 and consolidated net asset value (NAV) per share would be BDT 34.64 as on December 31, 2015.
The power generation company’s paid-up capital is BDT 800 million and authorized capital is BDT 2,000 million while the total number of securities is 80,000,000.
The sponsor-directors own 74.93 per cent stake in the Doreen Power, while institutional investors own 2.50 percent, foreign investors 0.07 per cent and the general public 22.50 per cent.
Doreen Power, which received approval from the securities regulator – Bangladesh Securities and Exchange Commission (BSEC) on November 30, last year, floated 20 million ordinary shares of BDT 10 each, in addition to BDT 19 as premium.
The IPO fund is being used for setting up power plants for its two subsidiaries and to repay bank loans and meeting the IPO expenses, according IPO prospectus.
Doreen Power has three electricity plants that generate and supply 66MW to Bangladesh Power Development Board and Rural Electrification Board under two agreements, according to the company’s website
Doreen Power was followed by LankaBangla Finance BDT 703 million, The IBN Sina BDT 684 million, Bangladesh Steel Re-rolling Mills BDT 640 million, Keya Cosmetics BDT 604 million and Aman Feed BDT 566 million.
The state-run Titas Gas Transmission and Distributions Company was also included in the top ten turnover list with shares of BDT 540 million changing hands, followed by KDS Accessories BDT 436 million, Orion Infusion BDT 421 million and Power Grid Company BDT 405 million changing hands.
BBN/SK/AD