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NRB Bank shares jump 10% on market debut
STAR BUSINESS REPORT
Shares of NRB Bank surged 10 percent on their market debut in the two stock exchanges of Bangladesh yesterday.
Listed with the Dhaka Stock Exchange (DSE) in the N category, the bank saw its share price rise to Tk 11. On the first day, 2.37 lakh shares changed hands at the DSE.
The N category features newly-listed companies which are meant to be transferred to A, B or Z category based on their compliance with rules and the declaration of its first dividend.
NRB Bank, a fourth-generation private commercial bank, got listed with the stock exchanges in tune with a Bangladesh Bank directive. It is now the 36th listed bank on the Dhaka bourse.
The private lender received regulatory approval from the Bangladesh Securities and Exchange Commission on November 9 last year to raise Tk 100 crore from the capital market by issuing 10 crore ordinary shares at a face value of Tk 10 each.
The bank wants to invest Tk 92 crore from the initial public offering (IPO) proceeds in government securities, Tk 4.2 crore in the stock market, and use the rest to meet public issue-related expenses, according to its disclosure.
As per the audited consolidated financial statements, the bank made a profit of Tk 16 crore and had earnings per share (EPS) of Tk 0.27 in the first nine months of 2023.
Its profits amounted to Tk 28 crore and basic EPS Tk 0.48 in the same period of the previous year.
Meanwhile, all the indices of the DSE bounced back compared to the previous day of trading, meaning Sunday. The DSEX, the benchmark index of the premier bourse of the country, rose 13 points, or 0.20 percent, to close the day at 6,272 yesterday.
Likewise, the DSES, which represents Shariah-compliant companies, increased 3.09 points, or 0.22 percent, to 1,365.
The DS30, an index comprising blue-chip stocks, rose 0.72 points, or 0.03 percent, to 2,137.
Turnover, which indicates the volume of shares traded during the session, climbed 11.58 percent to Tk 898 crore.
Of the issues traded at the DSE, 183 closed higher, 152 lower and 60 remained unchanged.
Prime Finance First Mutual Fund and NRB Bank jointly took the top spot in the gainers’ chart with a rise of 10 percent.
The two were followed by Rupali Life Insurance Company (9.92 percent), Aftab Automobiles (9.82 percent), BBS Cables (9.75 percent), Monno Fabrics (9.66 percent), and Mithun Knitting and Dyeing (9.6 percent).
Bangladesh Monospool Paper Manufacturing Company, and Navana CNG and Fine Foods were also in the list, gaining 8.73 percent, 8.41 percent and 8.10 percent respectively.
Khulna Printing & Packaging suffered the biggest decline, losing 9.63 percent of its value.
It was followed by Intech (4.64 percent), Peoples Insurance Company (3.98 percent), SBAC Bank (3.96 percent), and Meghna Pet Industries and Tung Hai Knitting & Dyeing (each 3.92 percent).