Dhaka, Bangladesh (BBN)-Western Marine Shipyard Limited (WMSL) makes trading debut at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) Sunday under ‘N’ category, officials said.
DSE trading code for Western Marine Shipyard Limited is ‘WMSHIPYARD’. The DSE company code of WMSL is 13236 while CSE scrip Id is 16030 and scrip code is ‘WMSHIPYARD’.
A market lot of the company is 100 shares.
It is the 28th listed company under the ‘engineering’ sector in the Dhaka bourse and 23rd listed firm under the ‘engineering & electrical’ sector in the port city bourse.
The initial public offering (IPO) subscription of the company was held on August 10 to August 14 for resident Bangladeshis and it continued till August 23 for non-resident Bangladeshis.
Using fixed price method, Western Marine Shipyard floated 45 million ordinary shares at an offer price of BDT 35, including a premium of BDT 25 and raised a fund worth BDT 1,575 million from the public.
The IPO proceedings will be used for loan repayment 82.64 percent, infrastructure development 15.87 percent and expenses of IPO 1.49 percent, according to the company’s IPO prospectus.
The company has reported its profit after tax BDT 36.05 million and basic EPS BDT 0.56 for the three months ended on 31 March 2014 as against BDT 32.80 million and basic EPS of BDT 0.51 for the same period of the previous year.
However, considering Post-IPO 109,551,900 number of shares the company’s basic EPS for the three months would be BDT 0.33.
For the period of 9 nine months (July’13 to March’14), the company’s profit after paying tax stood BDT 151.65 million while its basic EPS BDT 2.35 against BDT 126.01 million and basic EPS of BDT 1.95 for the same period of the previous year.
However, considering Post-IPO 109,551,900 number of shares, company’s basic EPS would be BDT 1.38 and NAV per share would be BDT 39.49 as on 31 March 2014.
Prime Finance Capital Management Ltd, ICB Capital Management Ltd and EC Securities Ltd jointly managed the Western Marine Shipyard’s IPO.
The stock market regulator – Bangladesh Securities and Exchange Commission (BSEC) – approved the IPO proposal of the company on June 3, this year.
Western Marine Shipyard builds ocean-going multi-purpose vessel, passenger vessel and boat, oil tanker, fishing trawler, Dredger, Ro-Ro Ferry and Pontoon, according to the company’s website.