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Dhaka Tribune

Dominage Steel makes its stock market debut on Wednesday

The board of directors of the newly listed company recommended 2 per cent cash and 8 per cent stock dividend for the year ended on June 30, 2020

Update : 01 Dec 2020, 10:36 PM

While all eyes are on Robi's mega stock market debut, another company is quietly making its entry to the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). From Wednesday,  shares of Dominage Steel, a manufacturer of pre-fabricated steel structures, will begin trading on the twin bourses under the 'N' category.

N-category companies are those that shall be transferred to other categories based on their first dividend declaration and respective compliance after listing of their shares.

Its initial public offering proposal was approved in August. The company, which was established in 2007, sought to raise Tk 30 crore by issuing three crore shares at Tk 10 each for building and construction (30.1 per cent), electricity installation (7.6 per cent, procurement and installation of machinery (55.8 per cent) and meeting IPO expenses (6.5 per cent).

The company announced a profit of Tk 9.2 crore for the financial year that ended on June 30, down 4.6 per cent year-on-year. It was anticipating a profit of Tk 12.8 crore for the 2019-20 financial year, according to its IPO prospectus.

Its board of directors recommended a 2 per cent cash and a 8 per cent stock dividend for the year, according to a disclosure on Monday.

Shahjalal Equity Management is the issue manager of the IPO.

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