Mostafa Metal share hits 20% on debut

Mostafa Metal Industries share surged 20 per cent over its issue price on trading debut on the SME board of the Dhaka Stock Exchange on Sunday.

Its share increased to Tk 12 from Tk 10 and more than four lakh shares of the company were traded.

Mostafa Metal is the 7th listed companies on the SME board launched on September 30.

The small-cap company raised Tk 11 crore through Qualified Investor Offer (QIO) by issuing 1.10 crore shares at face value of Tk 10 each. The QIO was oversubscribed by 40.83 times. The company posted a handsome profit for the last financial year.

According to its audited annual financial statements, Mostafa Metal’s profit after tax stood at Tk 5.47 crore in the financial year 2020-21, which is almost double from the previous financial year. It posted a profit of Tk 2.91 crore in the fiscal year 2019-20.