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He raised the issue at an online press conference hosted by the Bangladesh Securities and Exchange Commission (BSEC) on Saturday.
He said: “Walton has been approved for listing on the capital market a few days ago. Only 1 percent of Walton’s shares have been released. 99 percent of the shares remain in the hands of entrepreneurs.
“As a result, Walton has suddenly become the second largest market cap company in the capital market. I don’t know if it was intentional. But it’s sending the wrong message. “
Walton Hi-Tech Industries Limited, a national technology company, has raised Tk 100 crore from the capital market by issuing 29,26,343 common shares.
The company’s IPO was approved in early 2020. Walton Hi-Tech’s share price is set on the book-making method.
Participants in the auction received shares of Walton at Rs 315. And the price for ordinary investors is exactly 252 rupees.
Walton’s first stock trading took place on September 23. The shares of this company have been touching the maximum price limit every day since then.
In other words, the higher the price of a stock in a day, the more trading stops, the higher the price of Walton’s stock. Robra Walton’s shares were selling on the capital market at 74.80 Tk.
According to the Dhaka Stock Exchange (DSE), Walton Hi-Tech Industries Limited has launched less than one percent of its shares on the stock market. Many people in the market think that Walton’s price is increasing because the supply of shares is less than the demand.
“Many companies have told me that they knew that 50 percent of the shares had to be given to ordinary investors, so they did not want to go to the capital markets,” Salman F. Rahman said at a BSEC press conference. But if you can go with the 1 percent share, then there are a lot of good companies that would go to the capital market. “
In response, BSEC President Shibli Rubaiyat-ul-Islam said: “Everything, including Walton’s bid, ended before we joined. We were able to do everything we could, we gave these shares to investors at a price 20 percent lower.
“It just came to our attention then. But now we are realizing that such things will not happen in the future. We continue to believe that it will not be detrimental to our market.”
The head of the regulatory body said they had completed the decision-making process on IPO applications that had been pending for one to three years.
“It just came to our attention then. We have done our best to judge what happened before.
“Even then, the people on our commission are the same, they may have a couple of minor mistakes. None of this is intentional and we are working with the responsibility of our own conscience.”
Walton Hitech Industries Limited has 30 crore 29 lakh 26 thousand 343 shares in the capital market. Of this, 99.3 percent is in the hands of the directors.
Also, institutional investors own 47 percent of the shares, while general investors own 51 percent of the shares.
Mohammad Emran Hasan, CEO of Shanta Asset Management Limited, told bdnews24.com that there was no opportunity to predetermine the number of shares in the book creation method.
“In Bangladesh, companies can get money from the capital market in two ways. One is the fixed price method. In this case BSEC sets the price of the share. Next, the number of shares to be released in the capital market is decided.
“Another method is the book-building method. In this case, the company that will raise money will tell you how much money it will raise. These shares are listed by institutional investors. And the amount that will be launched on the stock market is determined by the price of the share. ”
In fiscal year 2018-19, Walton Hi-Tech Industries made a total profit of Tk 1,036.11 crore. The paid capital of the company is Tk 302.93 million rupees; The reserve amount is Tk 6,998 million rupees.
Walton’s market capitalization stands at Tk 24,752 crore, which is the second highest in the Bangladesh capital market. Grameen Phone has the highest market capitalization at Tk 44,795 crore.
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