Dhaka, Bangladesh (BBN)-Shurwid Industries Ltd (SIL) on Monday made a cheerful debut at the bourses – Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) – though overall stock market closed lower.
The Shurwid Industries, a PVC products manufacturer, share skyrocketed by 382 percent or BDT 38.2 per share from its offer price of BDT 10 in the DSE.
Each share of the company Monday traded between BDT 50.5 and BDT 33.3 on the DSE before closing at BDT 48.2.
A total of 6.47 million shares changed hands, generating a turnover of BDT 258.32 million.
In the port city bourse – CSE – each share of the company traded between BDT 50 and BDT 32.8 and closed at BDT 47.7, after gaining 377 percent.
It was also the most traded stock at the CSE with shares worth BDT 1.48 million changing hands and the second most traded stock at DSE after Singer BD.
The company, which received regulatory approval from the Bangladesh Securities and Exchange Commission in April, floated 14 million ordinary shares at an offer price of BDT 10 and raised a fund worth BDT 140 million from the public.
Of the total shares – 32.2 percent held by sponsor-directors, 39.59 percent held by institutional investors, foreign investors held only 0.42 percent while 27.79 percent share held by public, according to DSE website.
The company makes high-barrier PVC blister film for sensitive drugs, food packing industries, blister packs for tooth brushes, garments accessories, toys and electronics.
The company also produces food grade disposable PVC items such as water cup, lunch box, plates and biscuit trays.
BBN/BB/ANS-08Sept14-7:30pm (BST)
