On its fifth day at the bourse, Robi barged into the list of top five most-valued companies
Robi, it turns out, lived up to its billing. In less than a week of its stock market debut, its market capitalisation hit Tk 15,000 crore, taking the Dhaka bourse’s market capitalisation to a record Tk 448,230 crore.
Market capitalisation is the value of a company that is traded on the stock market, calculated by multiplying total outstanding shares with the market price of the stock.
Robi shares, whose issue price is Tk 10, soared 50 per cent within 12 minutes of its debut, after which it was not allowed to increase further that day. On its second trading session, it soared another 50 per cent to Tk 22.5.
It was allowed to soar 10 per cent on its third trading session.
From the fourth day onwards, its stock price was allowed to move unshackled.
And on its fifth day at the bourse, shares of the country’s second-largest mobile operator barged into the list of top five most-valued companies on the bourse.
Robi’s shares closed the year at Tk 29.8.
Its debut in the last week of the year capped months of excitement in the bourse surrounding its mammoth initial public offering.
Soon after the stock market regulator gave the nod to the listing on September 23, retail investors flocked to open beneficiary owner’s (BO) accounts, which is a must to buy shares, according to data from the Central Depository Bangladesh Ltd (CDBL).
Subsequently, there was tremendous frenzy among retail and institutional investors when its IPO subscription began on November 17.
The window closed on November 23, with applications exceeding the amount that Robi intends to raise by 5.74 times.
Like Robi, Walton Hi-Tech Industries, whose shares began trading on the bourse on September 23, had a similar bull run.
Within a week of its debut, Walton hit the second spot in terms of market capitalisation, where it has stayed ever since.
The dearth of floating shares benefitted Walton to reach the landmark within a short time, said stock market analysts preferring anonymity.
As per the bidding price, Walton issued 2.8 million shares, or only 0.92 per cent of its pre-IPO paid-up capital, to raise Tk 100 crore from the stock market.
But the other debuted stocks this year has fanned the market capitalisation of the DSE.
The market capitalisation soared 32 per cent during the outgoing year to reach Tk 448,230 crore -- the highest yet -- on the back of higher prices of stocks and the debut of heavyweight companies, Robi and Walton.
In 2020, the market capitalisation fell as low as Tk 287,383 crore, which was among the lowest in the emerging bourses in the Asia-Pacific region.
The top ten publicly listed companies contribute approximately 47.1 per cent of the total market capitalisation in the Dhaka bourse as on Wednesday.
Grameenphone remains the company with the largest market capitalisation at the bourses with a value of Tk 46,868 crore as on Wednesday.
British American Tobacco Bangladesh Company’s market capitalisation stands at Tk 21,254 crore, putting it in the third spot.
Square Pharmaceuticals is the fourth-largest listed company at the Dhaka bourse with its market capitalisation of Tk 19,457 crore.
The remaining five of the top ten most valued companies are: United Power Generation and Distribution Company, Renata, Beximco Pharma, Investment Corporation of Bangladesh (ICB) and Marico.