South-Bangla bank makes trading debut

South Bangla Agriculture and Commerce Bank (SBAC) debuted on the stock market yesterday and the price of its shares almost immediately soared by 10 per cent as no one was selling the stock.

SBAC raised Tk 100 crore from the market by issuing 10 crore ordinary shares at a face-value of Tk 10 each.

Every general investor got a minimum of 60 shares against the application of Tk 10,000 in the initial public offering (IPO).

The IPO subscription was held between July 5 and July 12, when it was oversubscribed by almost 14 times as the bank received total applications worth Tk 1,391 crore against the demanded Tk 100 crore.