Saif Powertec makes debut today

Saif Powertec Limited (SPL) will make trading debut on Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) today (Monday) under 'N' category, officials said.

DSE trading code for Saif Powertec is "SAIFPOWER" and DSE company code is 20625 while CSE scrip Id is 18010 and scrip code is "SAIFPOWER" with market lot of 200 shares.

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.

The company got listing approval from the DSE and CSE on September 14 and 17 respectively.

Using the fixed price method, Saif Powertec raised a fund worth Tk 360 million from public by floating 12 million ordinary shares at an offer price of Tk 30, including a premium of Tk 20 for each ten taka share.

The public subscription of the company was held on July 6 to July 10 for resident Bangladeshi which was continued till June 19 for non-resident Bangladeshi (NRB).

The company received around Tk 3.51 billion through IPO against public issue of Tk 360 million which was over-subscribed by 9.74 times.

Among the total subscription received, from general public worth Tk 2.17 billion, affected small investors accounted for Tk.392 million, non-resident Bangladeshis Tk 104 million and mutual funds/institutions Tk 837 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 profit after tax 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.

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