South-Bangla Bank debuts on stock market

South Bangla Agriculture and Commerce Bank (SBAC) debuted on the stock market today and the price of its sharew soared 10 per cent as most of the time there was no seller of the stock.

SBAC raised Tk 100 crore from public 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 a total application worth Tk 1,391 crore against the demanded Tk 100 crore.