DSE wants GP share face value at Tk10
Dhaka Stock Exchange has recommended to the market regulator for fixing the face value of each Grameenphone share at Tk 10 instead of the largest mobile phone operator's proposal of Tk 1.
If the Securities and Exchange Commission (SEC) approves the Grameenphone's offer of Tk 1 for per share, excluding premium, it may create complexities in the trading system, as the DSE's capacity of dealing trade volume is limited up to a certain level, said a senior DSE official.
Presently, the DSE is able to handle 1 lakh trades per day. However, after six months the DSE will be able to deal with 2.50 lakh trades a day on completion of a trading upgradation project.
But, the Grameenphone is going to float around 148 crores of shares through initial public offering and when it will make debut on the stock market, the number of trades may cross 2.50 lakh trades a day, the DSE official said.
“Besides, there will be another problem with the face value of Tk 1. The retail investors may evaluate the Grameenphone shares wrongly, as they are used to deal with shares with face value of Tk 10 and Tk 100,” he said.
Face value of AIMS 1st Mutual Fund, which face value is Tk 1, could be cited as example.
“Considering investors' interest and to avoid any untoward situation in the trading system, we have sent a letter to the commission requesting it to fix the face value of each Grameenphone share at Tk 10,” the prime bourse official said.
Earlier on July 29, Grameenphone submitted a draft prospectus of the largest-ever IPO to the SEC for raising $ 150 million (around Tk 1000 crore) from the public.
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