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Trading of Summit Power Limited (SPL) began on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) yesterday.
On the opening day the SPL share prices rose to as high as Tk 449.50 each from the initial public offerings (IPOs) price of Tk 140.
The highest price of Tk 449.50 was recorded at the CSE while the price rose to as high as Tk 400 at the DSE.
Share trading of SPL at DSE yesterday witnessed the price to close at Tk 359 while the lowest price was recorded at Tk 321 and at the CSE the price closed at Tk 373.75 while the lowest price was Tk 329.
A total of 342,700 shares of SPL worth Tk 119.86 million were traded at the DSE, while 55,200 shares worth Tk 19.56 million were traded at the CSE.
Earlier in the morning, the power generation company signed an agreement for listing with the DSE.
Salahuddin Ahmed Khan, chief executive officer of DSE, and Muhammed Aziz Khan, chairman and managing director of SPL, signed the agreement on behalf of their organisations.
About the share price on the opening day, Aziz Khan said the price reflected the maturity of the market.
Echoing him, DSE President Shahiq Khan said the investors are now more aware of the market.
DSE President Shahiq Khan urged the power generation company to follow the capital market rules, hold annual general meetings and declare dividends for the shareholders regularly.
SPL is the first Bangladeshi power generating company that went for IPOs, which closed on August 31 this year.
The company offered 20 lakh ordinary shares of Tk 140 each including premium of Tk 40 per share totalling Tk 28 crore.
Out of the total shares, 18 lakh shares were earmarked for general public and the rest two lakh for non-resident Bangladeshis (NRBs).
SPL had received subscription of Tk 201 crore against 282,939 applications from general public and Tk 38 crore against 2318 applications from NRBs totalling Tk 239 crore.
The company is currently operating three 11-MW power plants at Ashulia in Savar, Chandina in Comilla and Madhabdi in Narshingdi.
The funds raised form the public shares will be utilised for expansion programme of two of these plants.
The company signed agreements with the Rural Electrification Board (REB) and government of Bangladesh to generate an additional 37.5 MW power.
With this new expansion, the power generation capacity at Madhabdi plant will be 35MW while the capacity in Chandina plant will be 24.5MW.
The plants will start full-phased power generation by August 2006.
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