Dhaka, Bangladesh (BBN)-Western Marine Shipyard Ltd (WMSL) posted a modest gain on Sunday in its debut trading on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The stock closed at BDT 62.7 each, registering an increase of 79.14 percent from its issue price of BDT 35 in the prime bourse.
Each share of the company traded between BDT 65.7 and BDT 50 on the DSE.
In the port city bourse – CSE – each share of the company traded between BDT 65 and BDT 55.5 and closed at BDT 62.3, gaining 78 percent from its issue price of BDT 35.
It was also the day’s most traded stock at the prime bourse and the port city bourse with shares worth BDT 885.33 million and BDT 250.77 million changing hands respectively.
The shipbuilder company, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) in June, 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.
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.
Western Marine Shipyard’s net profit increased 20.10 percent to BDT 151.65 million in the nine months that ended on March 31, 2014 from the same period of the previous year, according to the DSE website.
The post-IPO basic EPS of the company stood at BDT1.38 and NAV per share 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.
BBN/BB/ASI-02Nov14-7:40pm (BST)
