Dhaka, Bangladesh (BBN)-ACME Laboratories made a flying trading debut on Tuesday in Bangladesh stock market by becoming the top gainer and turnover leader.
The country’s oldest pharmaceutical company’s share closed at BDT 117.90 on the Dhaka bourse, soaring 53 per cent from its initial public offering (IPO) price of BDT 77 each.
The company’s shares hovered between BDT 116 and BDT 135 on the DSE.
At the port city bourse CSE, each share of the company traded between BDT 115.60 and BDT 139, before closing at BDT 117.10, which was 52 per cent higher from IPO price of BDT 77.
ACME also dominated the turnover chart on Dhaka bourse with some 11.35 million shares worth BDT 1.41 billion changing hands.
At the CSE, a total of 1.77 million shares changed hands, generating a turnover of BDT 217 million.
ACME Laboratories, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) in February, floated 50 million ordinary shares and raised a fund of BDT 4.09 billion through book building systems.
The ACME will utilise the IPO fund to implement three new projects at Dhamrai in Savar, along with bearing the cost of IPO expenses, according to the company’s IPO prospectus.
The company has posted 10.37 per cent rise in earning for nine months (July 2015 to March 2016) period.
The company has reported profit after tax of BDT 724.14 million and basic earning per share (EPS) of BDT 4.48 in nine months as against BDT 656.08 million and basic EPS of BDT 4.06 for the same period of the previous year.
However, considering Post-IPO 211,601,700 number of shares, Company’s basic EPS would be BDT 3.42 for nine months period ended on 31 March 2016 and net asset value (NAV) per share would be BDT 73.85 as on 31 March 2016.
ACME Laboratories is engaged in manufacturing and marketing of generic pharmaceuticals formulation products, including human, veterinary and herbal drugs.
The products of the company are sold in domestic as well as international markets, according to the company’s website.