Share trading of Emerald Oil Industries, a rice bran edible oil producer, begins at the two stock exchanges simultaneously today.
The company is the 19th to get listed in the food and allied sector that accounts for about 8% of the total market capitalisation of the Dhaka Stock Exchange.
Its initial public offering has been oversubscribed by more than 39 times, according to the Chittagong Stock Exchange. Investors ordered shares worth over Tk784 crore against the offer of Tk20 crore.
The company issued 20 crore ordinary shares of Tk10 each under the fixed price method.
The IPO proceeds is being used for repayment of term loan, IPO expenses and strengthening the capital base. The company’s earnings per share was Tk2.85 and net asset value Tk14.06, according to its financial statement as of June 30, 2013.
