After getting approval from the Bangladesh Securities and Exchange Commission (BSEC) on April 15, Nialco Alloys Limited has made its journey as the first SME listed on the Chittagong Stock Exchange on June 10 (Thursday).
Share prices of the company swelled by 10 per cent – the maximum limit allowed and closed at Tk 11 a share.
Earlier on April 15, the Bangladesh Securities and Exchange Commission gave approval to Nialco Alloys to raise Tk 7.5 crore through qualified investors’ offer.
Besides, the IPO shares of the company were oversubscribed around 18 times. Out of the IPO proceeds, the company has planned to spend Tk 4.86 crore on plant and machinery and Tk 2.56 crore on land development.
However, as per financial statements as of September 30, 2020, Nialco Alloys’ net asset value per share (NAV without revaluation reserve) and earnings per share stood at Tk 12.43 and Tk 0.91 respectively.