Olympic Accessories makes a flying trade debut

Olympic Accessories yesterday made a flying trade debut on Dhaka Stock Exchange and became the top gainer and turnover leader of the day.

Each share of the company closed at Tk 48.4 on the premier bourse, almost five times higher than the initial public offering price of Tk 10, according to the DSE website.

Some 87.21 lakh shares worth Tk 39.63 crore were exchanged on the trading floor, which is around 8.75 percent of the total turnover of Tk 346.62 crore.

It is the 31st listed firm in the engineering sector that accounts for around 5 percent of the premier bourse's total market capitalisation.

On February 25, Bangladesh Securities and Exchange Commission gave a go-ahead to Olympic Accessories to raise Tk 20 crore through IPO, the proceeds of which were used for constructing a new factory building and purchasing machinery.

The company has reported net profits of Tk 4.24 crore for January-March period of this year with earnings per share (EPS) of Tk 0.44, up from Tk 3.11 crore and Tk 0.32 respectively in the same period a year ago. However, considering post-IPO shares, the company's EPS would be Tk 0.36, according to a posting on the DSE website.

Olympic Accessories is engaged in manufacturing, processing, printing, cutting, sealing and assembling of all kinds of carton, poly beg, hanger, elastic, draw cord, back board, neck board, ribbon, gum tape, label, twill tape, interlining, bar code and hangtag.