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ACI, Shinepukur get off to a good start

Sarwar A Chowdhury
ACI Formulations and Shinepukur Ceramics, two private sector companies, received good responses from retail investors yesterday, on the very first day of their share trading, an evidence of encouragement for listing profitable companies under direct listing regulations.
Each share of ACI Formulations, a subsidiary of ACI, was sold at between Tk 172 and Tk 220 on Dhaka Stock Exchange against a face value ofTk 10, while a share of Shinepukur Ceramics was selling at from Tk 83.20 to Tk 100 againstTk 10 face value.
Under direct listing rules, the price of a security is built up by the prospective investors directly in the secondary market. This means the best value of the floated shares will go to the entrepreneurs.
On the other hand, initial public offering (IPO) system allows a company to float shares in the primary market with a fixed value. But, in most cases when trading of the shares starts in the secondary market, the prices shoot up manifolds against the face value and the benefits go to the IPO lottery winners.
The two private sector companies' direct listing has opened a new gateway for profitable firms to offload shares with optimum prices, market experts said.
Direct listing is an alternative way of bringing profitable companies to the market that do not want to enter the IPO system, said Yawer Sayeed, managing director of AIMS of Bangladesh, an asset managementcompany.
"We welcome the direct listing of ACI Formulations and Shinepukur Ceramics and hope it will encourage other private sector companies to join the market taking the benefits of direct listing," he said.
He however said some changes should be made especially in price discovery method to make the direct listing rules more applicable.
The issue managers of the two companies started selling shares at 10:10am at the
highest market prices. In earlier 10-minutc time, prices were built up through quoting from interested parties.
During the two-hour trade to 12 at noon, a total of 59,800 ACI Formulations shares worth Tk 1.35 crore were sold on the DSE, while 71,500 Shinepukur Ceramics shares worthTk 67.43 lakh were sold.
On Chittagong Stock Exchange, a total of 1,600 ACI Formulations shares worth Tk 3.67 lakh were sold, while 8,200 Shinepukur Ceramics shares worth Tk 7.76 lakh were sold.
Market experts said in the context of the current market scenario, the prices of the two companies’ shares were a little bit high, but not abnormal.
Earlier in the morning, DSE Chief Executive Officer Salahuddin Ahmed Khan and ACI Formulations Managing Director M Anis Ud Dowla signed the listing agreement of ACI Formulations, while DSE Chief Operating Officer AFM Shariful Islam and Shinepukur Ceramics Company Secretary Asad Ullah signed the listing deal of Shinepukur Ceramics.
ACI Formulations joined the stock exchanges through offloading 89,87,500 ordinary shares, while Shinepukur Ceramics by offloading 3,50,11,800 ordi nary shares.
sarwar@thedailystar.net