Welcome to Business Outlook
Related Articles
At the end of the session, the bank’s share price was Tk 13.20 — a 32 per cent rise in share prices from the offer value of Tk 10
The NRB Commercial (NRBC) Bank on Monday debuted on the capital market, becoming a top gainer after its share prices rose 32 per cent to Tk 13.20 on its first day.
A total of 32,293,705 shares were traded on the Dhaka bourse, while 820,000 shares were traded on the Chittagong Stock Exchange (CSE), read a press release by the bank.
“The people and investors have confidence in the bank. We firmly believe that they will be rewarded by ensuring transparency and accountability,” said NRBC Bank Chairman SM Parvez Tamal.
The shares reached a minimum price of Tk 11.90 throughout the day. At the end of the session, the bank’s share price was Tk 13.20 — a 32 per cent rise in share prices from the offer value of Tk 10.
This rise in share price allowed the bank to lead the DSE top gainers’ list. But the bank failed to hit the upper circuit breaker on its first day of trading, unlike most other recent capital market debutants.
As is practice, NRBC’s shares began trading under the N-category.
The Dhaka Stock Exchange (DSE) trading code for the bank is “NRBCBANK” and the DSE company code is 11,148.
Previously, on November 18 last year, the bank got the securities regulator’s approval to raise the funds through an initial public offering (IPO) and subsequently held its IPO subscription between February 3 and February 9.
NRBC Bank received 10.86 times more bids for its 120 million shares put up on sale for general investors as part of its initial public offering (IPO) to raise Tk 120 crore via the fixed price method.
Investors deposited Tk 597.7 crore against the required Tk 72 crore.
The IPO lottery, scheduled for March 3, was organized by the bank online under the supervision of the Bangladesh Securities and Exchange Commission.
General investors were allocated 60 per cent of the shares and institutional investors the remaining 40 per cent.
The seven-year-old bank will use Tk 110 crore of the IPO proceeds to purchase government securities, Tk 6.05 crore for investment in the secondary market, and Tk 3.95 crore as IPO expenses.
It is the first bank to be listed on the country’s stock market in 12 years.
According to an audited report of the year ended on December 31, 2019, the bank’s net profit was Tk 115.36 crore.
Its deposits stood at Tk 9,480 crore and its loans at Tk 7,462 crore as of 2020, according to the latest data from the bank.
The bank has 83 branches, 400 sub-branches, and 589 agents across the country.
(DT)
