Stocks
Techno Drugs Allocated IPO Shares
Techno Drugs Limited, a pharmaceutical company in the process of raising capital from the stock market through the book-building method, has allocated shares to applicants in its Initial Public Offering (IPO). Due to an oversubscription, shares were distributed proportionately among the applicants.
Domestic investors who applied for shares worth BDT 10,000 received 11 shares each, while those who applied for Tk 10 lakh received 1,166 shares each. Non-resident Bangladeshi applicants were allotted 20 shares for every Tk 10,000 applied, and those who applied for Tk 10 lakh received 2,016 shares each. The share allocation took place on Tuesday, July 2nd.
Currently, there is no lottery system for IPOs in the stock market. Shares are allocated proportionately based on the number of applications received, as was the case with Techno Drugs’ IPO.
The company aims to raise Tk 100 Crore through the IPO. It received applications worth Tk 2 thousand 487 crore, significantly exceeding the target. Of this amount, Tk 2 thousand 412 crore came from general investors, and Tk 61 crore 17 lakh 57 thousand 194 came from eligible investors.
Applications for Techno Drugs’ IPO were submitted between June 9 and June 13. The cut-off price was set at Tk 34, and investors could purchase shares at 30% less than the cut-off price, amounting to Tk 24 per share.
The funds raised from the IPO will be used for purchasing new machinery, BMRE (Narsingdi factory), building construction (Gazipur factory), partial debt repayment, and issue management costs. According to the audited financial statements for the fiscal year ending June 30, 2023, the company’s Net Asset Value per Share (NAVPS) was Tk 27.74, including revaluation, and Tk 22.57 without revaluation. The Earnings Per Share (EPS) for the fiscal year was Tk 2.08, with a weighted average of Tk 3.25 over the past five years.
Imperial Capital Limited and EBL Investments Limited are managing the issue for Techno Drugs Limited.
Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 620 points, reaching a closing value of 18,352 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 107 point to settle at 5,567 points. Meanwhile, DJIA Index experienced a notable hike, adding 225 points during the week and concluding at 39,375 points after a week of gaining.
In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 51 points to reach 3,150 points by the end of the week.
Moving to Russell 2000 Index, demonstrated a notable drop of 21 points, ending the week at 2,026 points.
In the Outgoing week, the European stock market displayed a gaining performance.
Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a gain of 5.18 points to close at 516.60.
The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant hike, adding 39 points or finishing the session at 8,203.
In Germany, the DAX 30 index, added by 240 points to reach 18,475, while France’s CAC 159 increased by 196 points to stop at 7,675 at the end of the trading day.
Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, increased by 833 points to 33,987. However, Spain’s IBEX 35, added by 80 points, to close at 11,023.
A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 964 points during the week. At the end of the week, the index stood at 79,996 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 313 points last week. At the end of the week, the index stood at 24,323 points.
Pakistan Stock Exchange Index ‘KSE 100’, shed 194 points last week. After a week of losing, the index settled at 78.863 points.
On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ decreased by 124 points in a week. After a week the index settled at 11,947 points.
Bhutan’s stock market index ‘BSI’ lost 15 points hence the index stood at 1,520 points throughout the whole week. Nepal’s ‘NEPSE’ added 68 points, therefore the index stands at 2,119 points.
Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ gained by 142.15 points or 2.65 percent, in the outgoing week. At the end of the week, the index stands at 5,497 points.
