Himadri Limited, listed on the SME board of the DSE, has seen its share price surge dramatically, becoming the most expensive stock on the exchange. The stock closed at Tk6,474 per share, while multinational giant Reckitt Benckiser (Bangladesh) PLC was the second-highest priced stock at Tk4,850. Himadri’s shares have experienced an astonishing 183-fold increase in just four and a half months, starting at Tk35.3 in April. The Bangladesh Securities and Exchange Commission (BSEC) ordered an investigation into Himadri’s share price surge, and the DSE submitted its report.
Himadri Limited, a subsidiary of Ejab Group, increased its authorized capital from Tk2 crore to Tk50 crore to comply with regulatory requirements. With only 7.5 lakh shares in total, sponsor-directors hold 98.43%, and the government holds 1.48%. The BSEC directed sponsor-directors to offload more shares, resulting in a 32.71% reduction in their holdings.
Himadri Limited primarily offers cold storage facilities for agro-based products, particularly potatoes, in northern Bangladesh. The company shifted from the over-the-counter (OTC) market to the SME platform in September 2021, marking a significant transformation in its market presence.