5 years ago

Genex Infosys makes flying debut

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Genex Infosys made a flying trading debut on Wednesday as its share price soared 426 per cent or Tk 42.60 each within first hour of trading.

The share price of the IT Company is trading between Tk 44 and Tk 53.40 in the first hours of trading on the Dhaka Stock Exchange (DSE) till the report was filed at 11:30am. Its issue price was Tk 10 each.

The latest trading price of the company’s share was Tk 52.6 each.

Genex Infosys is the 9th company under the IT sector on the prime bourse.

The company raised a fund worth Tk 200 million from the capital market under the fixed price method by offloading 20 million ordinary shares at an offer price of Tk 10 each under the fixed price method.

The share subscription for the initial public offering (IPO) of Genex Infosys was held on November 18 and November 29 last year.

Bangladesh Securities and Exchange Commission (BSEC), approved the company's IPO proposal on September 4, 2018.

Genex Infosys will utilise the IPO proceeds for expansion of call centre business (61.50 per cent), partial long-term loan repayment (30 per cent) and the IPO expenses 8.50 per cent), according to its IPO prospectus.

The company's profit after tax stood at Tk 59.53 million and basic EPS of Tk 0.97 for the six months period ended on 31 December 2018 against profit after tax of Tk 60.08 million and basic EPS of Tk 0.98 for the same period of the previous year.

The company’s paid-up capital is Tk 816 million, authorised capital is Tk 1.0 billion and the total number of securities is 81.60 million.

The sponsor-directors own 34.46 per cent stake in the company, while institutional investors own 14.71 per cent, and the general public 50.83 per cent as of June 30, 2018.

Currently, eight IT companies are listed with the Dhaka bourse and the IT sector accounts for less than 1.0 per cent of the DSE's total market capitalisation.

Genex Infosys, the largest call centre operator in Bangladesh and principal service of the company is Information Technology Enabled Service (ITES) and providing maintenance and support services both to domestic and international clients.

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