Dhaka, Bangladesh (BBN)–Tosrifa Industries Limited (TIL) on Wednesday made a dismal debut on the Bangladesh’s stock market.
Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE) are the two bourse of Bangladesh.
The TIL stock closed at BDT 35.7 each, registering an increase of only 37.30 percent on its offer price of Tk 26 in the prime bourse.
Each share of the company traded between Tk 50 and Tk 35.20 on the DSE.
A total of 6.64 million shares changed hands in DSE.
In the port city bourse – CSE – each share of the company traded between BDT 40 and BDT 35 and closed at Tk 35.40, gaining 36.15 percent from its issue price of BDT 26. A total of 1.68 million shares changed hands in CSE.
It was also the top traded stock at the DSE and second most traded stocks at the CSE with shares worth BDT 250.27 million and BDT 62.32 million changing hands respectively.
Tosrifa Industries, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) in February, floated above 24.56 million ordinary shares at an offer price of BDT 26, including a premium of BDT 16 for each ten taka share and raised above BDT 638.72 million from the public.
Tosrifa, a flagship of Northern Tosrifa Group, will use the funds from the initial public offering for expansion of business 96.88 percent and IPO expenses of 3.12 percent, according to the company’s IPO prospectus.
Meanwhile, the Board of Directors of the company has recommended 5.0 percent cash and 7.0 percent stock dividend for the year ended on December 31, 2014.
The Company has also reported net profit after tax of BDT 104.43 Million, EPS of BDT 3.03, NAV per share of BDT 37.44 and NOCFPS of BDT 3.90 for the year ended on December 31, 2014.
The Board expressed their willingness to include the IPO Shareholders in the forthcoming AGM, so the Record Date, Venue and Date of AGM will be notified later.
Tosrifa Industries is a 100 per cent export oriented knit apparels manufacturer in Bangladesh. It was established in the year of 2002 at Tongi, Gazipur, according to company’s website.