Acme Pesticides to make stock market debut Sunday
The company has been oversubscribed by 20.22 times
Acme Pesticides Ltd – an insecticide, pesticide, household products, and toiletries manufacturer – will make its debut on the Dhaka Stock Exchange and Chittagong Stock Exchange on Sunday.
On 10 November, the Central Depository Bangladesh Limited (CDBL) credited the company's primary shares to investors' BO account.
The company has been oversubscribed by 20.22 times. It completed the subscription during 12-18 October.
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Against an application of Tk10,000, each resident individual investor is set to avail 40 shares and non-resident investor 63 shares in the company.
Earlier, the Bangladesh Securities and Exchange Commission (BSEC) allowed the company to raise Tk30 crore from the stock market with an initial public offering (IPO) to strengthen its business.
It will use the fund for factory building and other construction, electrical installation, new plant and machinery acquisition, and bank loan repayment.
Acme Pesticides will not be able to issue any bonus shares for the next four years after the first trading day.
Shahjalal Equity Management is the issue manager of the company.
According to officials at Acme Pesticides, it mainly focuses on producing agro-based products, with demand for such products gradually increasing among farmers across the country.
On 30 June 2021, the net profit of the company was Tk22.21 crore, up from Tk19.47 crore a year ago.
Its earnings per share stood at Tk2.12, which was Tk2 in the previous fiscal year.
