Walton Hi-Tech Industries, which made its stock market debut last week, became the most valuable Bangladeshi company in the country on Tuesday.
Shares in the company crossed the Tk 704.3 mark on Tuesday that upped the market capitalisation of the company to Tk 21,333 crore, which is equivalent to $2.5 billion ($1=Tk 85).
The market capitalisation indicates the total market value of a company’s outstanding shares.
It is calculated by multiplying the total number of a company’s outstanding shares by the current market price of its share.
The paid-up capital of the company is Tk 302.9 crore and it has 30.29 crore outstanding shares.
The company made its debut on the country’s stock exchanges on September with an opening price of Tk 252 a share.
The company’s shares soared by the maximum allowable limit in every five trading day.
The company became the second most valuable listed company in terms of market capitalisation after Grameenphone, a multinational telecom company.
The market capitalisation of GP was Tk 44,816 crore on Tuesday. Square Pharmaceuticals is the second most valuable local company which valuation reached to Tk 17,398 crore on Tuesday.
Market experts said that the dearth of floating shares benefitted Walton to reach the landmark within a short period.
As per the bidding price, Walton issued only 27.58 lakh shares or 0.92 per cent of its pre-IPO paid-up capital to raise Tk 100 crore from the country’s capital market.
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