Saif Powertec makes flying debut

Saif Powertec Limited (SPL) Monday made a flying debut on both bourses -- Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The stock closed at Tk 71.40 each, registering an increase of 138 per cent on its offer price of Tk 30 in the prime bourse. Each share of the company traded between Tk 80 and Tk 60.10 on the DSE. A total of 4.56 million shares changed hands in DSE.
In the port city bourse - CSE, each share of the company traded between Tk 77 and 65 and closed at Tk 72, gaining 140 per cent from its issue price of Tk 30. A total of 1.23 million shares changed hands in CSE.
It was also the fourth most traded stock at the DSE and second most traded stocks at the CSE with shares worth Tk 335.93 million and Tk 90.42 million changing hands respectively.
The Saif Powertec, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) in April, floated 12 million ordinary shares at an offer price of Tk 30, including a premium of Tk 20 for each ten taka share and raised a fund worth Tk 360 million.
The fund raised through the public offering will be used to set up a new project for manufacturing battery and to meet the expenses of IPO process, according to the company's IPO prospectus.
The company reported consolidated net profit Tk 68.22 million and basic EPS was Tk 1.55 in nine months (July 2013 to March 2014) as against Tk 62.33 million and basic EPS of Tk 1.42 for the same period of the previous year.
However, considering Post-IPO, company's basic EPS would be Tk 1.22 and NAV per share would be Tk 26.75 as on 31 March 2014.
Saif Powertec is the fourth listed firm under the 'Services & Real Estate' sector in the Dhaka bourse and seventh listed company on the CSE under the 'Services & Property sector.

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