Intraco Refuelling Station Limited Thursday made a flying debut in Dhaka and Chittagong stock exchanges despite the company's net profit fell 32 per cent in last nine months.
The stock closed at Tk 43.60 each, registering an increase of 336 per cent on its offer price of Tk 10 in Dhaka Stock Exchange (DSE). Each share of the company traded between Tk 43 and Tk 66 on the DSE.
The fuel & power sector company was also the most traded stock on the major bourse with 9.66 million shares of Tk 443 million changing hands.
In the Chittagong Stock Exchange (CSE), each share of the company traded between Tk 41.80 and 50 before closing at Tk 42.60, soaring 326 per cent from its issue price of Tk 10.
Intraco Refuelling clinched the second spot in the turnover chart at the port city's bourse with 3.10 million shares worth Tk 144 million changing hands.
In nine months from July 2017 to March 2018, the company's consolidated profit after tax fell more than 32 per cent to Tk 32.35 million, from Tk 47.95 million in the same period of previous year.
The company's post-IPO consolidated basic earnings per share (EPS) stood at Tk 0.43 for nine months ended on 31 March 2018 and consolidated net asset value (NAV) per share was Tk 12.75 as on 31 March 2018.
Market insiders said the investors showed higher enthusiasm for the stock amid short-term speculation. So, it created hype among the investors on the first day of trading.
Intraco Refuelling Station, which received approval from Bangladesh Securities and Exchange Commission (BSEC) on January 16, raised Tk 300 million from the capital market by issuing 30 million ordinary shares at an issue price of Tk 10 each under the fixed price method.
The IPO subscription of the company was open to resident and non-resident Bangladeshis during the period from March 18 to March 27.
The refuelling company will utilise the IPO fund for LPG bottling and setting up distribution plants along with bearing the IPO expenses.
As per the entity's consolidated financial statement (including its five subsidiary companies) for the year ended on June 30, 2017, the earnings per share and net asset value per share were Tk 1.43 and Tk 13.87 respectively. The company holds 95 per cent stake in the five subsidiaries.
The newly listed company's paid-up capital is Tk 750 million, authorised capital is Tk 1.0 billion and the total number of securities is 75 million.
Sponsor-directors own 31.51 per cent stake in the company while institutional investors 22.40 per cent and general public 47.09 per cent as on June 30, 2018.
The main service of the company is selling gas through CNG re-fuelling stations. As per nature of the business, the company procures natural gas from different gas distribution companies and compresses the gas by latest technology and sells it to the retail customers, according to the company's website.
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