Dhaka, Bangladesh (BBN)- Shares of the Marico Bangladesh Limited (MBL) gained 3,420 percent on its debut trading at the country’s prime bourse -Dhaka Stock Exchange (DSE) – on Wednesday.

The debut share price of MBL surged to BDT 351.50 after subsiding from the peak of BDT 368 on the day.

The initial value of its share was BDT 90 with the face value of BDT 10 and a premium of BDT 80. Its shares worth BDT 325.82 million were traded on the day making it the second top turnover leader.

The DSE General Index (DGEN) opened in the green zone with an initial gain of 35 points on debut trading of MBL. At close the index rose to 3,044.10 with a gain of 52.48 points or 1.75 percent, the biggest single-day gain this year.

“The limited number of shares and the comparatively smaller lot attracted many investors to invest in the Marico’s shares,” a market operator said while describing the reason behind the huge jump of the company’s share prices.

The MBL, a subsidiary of the Mumbai-based group, has allotted 3,150,000 ordinary shares to raise funds to $4.11 million (BDT 283.50 million) from stock markets to pay the loan owed to the several local commercial banks.

On August 5, the Securities and Exchange Commission (SEC) allowed the MBL for doubling IPO under the scheme of ‘Green Shoe’ from 5 percent to 10 percent of its paid-up capital, which is $4.06 million (BDT 280 million).

Initial public offering (IPO) subscription of MBL was opened from August 2 and was oversubscribed by more than 11 times. The lottery for allotment of the shares in the IPO was conducted on August 29 this year in front of thousands of eager investors, the company said.

The MBL is a subsidiary of leading Multinational Group MARICO, which operates in consumer products and services in the Beauty and Wellness space in more than 21 countries with a significant presence in Middle East, North Africa, Southern Africa and South East Asia, including Bangladesh and India.

BBN/SS/SI/AD-17September09-3:30 am (BST)