Share prices of National Feed Mill more than quadrupled to Tk 42.5 on its trade debut yesterday.
The company’s flying start boosted turnover, the most important indicator of the stockmarket, by 13.4 percent to Tk 285.14 crore compared to the previous day.
National Feed Mill captured 12.67 percent of the total turnover, Daily Star reports.
Listed with a face value of Tk 10 per share, the company oscillated between Tk 49 and Tk 40, before closing at Tk 42.5 on Dhaka Stock Exchange.
The company’s 81.27 lakh shares traded on the premier bourse, generating a turnover of Tk 36.13 crore.
The company raised Tk 18 crore by floating 1.8 crore shares of Tk 10 each through initial public offering approved by Bangladesh Securities and Exchange Commission in August last year.
The IPO proceeds will be used for the company’s expansion, working capital enhancement and repayment of bank loans. National Feed deals in poultry, livestock, and aquatic feed business.
The company’s net profit stood at Tk 2.22 crore with basic earnings-per share of Tk 0.56 during July-September period of 2014.
It has three units, all in Gazipur, with each unit having a production capacity of 5-8 tonnes an hour. Its monthly sales run into 5,000 tonnes.
Despite National Feed Mill’s positive reinforcement, most of the other stocks were in the negative territory with the key indices declining for a second day.
DSEX, the benchmark general index of the premier bourse, fell 50.29 points or 1.02 percent, closing the day at 4,867.08 points.
DSES, the shariah index, declined 9.19 points or 0.79 percent to 1,115.27.
The benchmark index came down below 4,900 points level on growing concerns over political chaos that is inhibiting the daily business activities of the country, said LankaBangla Securities.
IDLC Investments in its regular analysis said the market extended its tone of negativity for another session as political worries keep strangling opportunity of economic revival.
Losers beat gainers strongly with 232 to 44, as 28 issues remained unchanged on the DSE.
A total of 0.93 lakh trades were executed with 7.67 crore shares and mutual fund units changing hands on the Dhaka bourse.
National Feed Mill was the day’s best performer, advancing by 325 percent, while Dacca Dyeing was the worst loser, slumping by 8.74 percent.
