RSRM prices soar on debut - Share market analysis of dhaka stock exchange, Bangladesh
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23 September, 2014 10:04 AM Source: The Daily Star Bangladesh
RSRM logo.jpg

Share prices of Ratanpur Steel Re-Rolling Mills (RSRM) almost doubled to Tk 77.3 from its offer price on the company's debut on the stock exchanges yesterday.

Listed with an offer value of Tk 40 each, RSRM shares ranged between Tk 80 and Tk 67.1, before closing at Tk 77.3 on the Dhaka Stock Exchange.

A total of 99.18 lakh shares worth Tk 75.41 crore traded on the premier bourse, securing RSRM the top position on the turnover leaders' list.

RSRM is the 27th company listed in the engineering category, which accounts for around 4 percent of the total market capitalisation on the DSE.

The Chittagong-based steel manufacturer raised Tk 100 crore by floating 2.5 crore ordinary shares of Tk 10 each at an offer price of Tk 40, including a premium of Tk 30.

Bangladesh Securities and Exchange Commission approved the initial public offering of RSRM on May 6.

The IPO proceeds are being used for the company's capital base enhancement and bank loan repayment.

RSRM's net profit fell 19.42 percent to Tk 12.38 crore in the nine months to March from the same period of the previous year, according to the DSE website.

 

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