Robi shares locked in 50% upper circuit on debut

Shares of Robi Axiata were frozen at 50 percent upper circuit on the DSE after debuting at the bourses on Thursday.

Till 10:30am, a total of 30,000 shares were changed hands at the halted price and there were more than 18 crore buyers waiting to bet on the new stock, data shows.

Shares opened at Tk 15.50 percent higher than the IPO price of Tk 10. The increase was capped by the regulatory limit for the stock.

Shares of a debutant can increase or decrease up to 50 percent on offer value in the first trading day and the following day, the circuit breaker will be applicable on the adjusted opening prices of the shares, according to securities rules.

From the third day, shares of the issue will be traded as usual, which means that 10 percent upper and lower limit circuit breakers will be in place for the stock.

The company raised Tk 523.7 crore from the stock market by offloading 52.37 crore shares for Tk 10 apiece. Of the amount, around Tk 136 crore came from the telecom operator's employees while the remaining Tk 387.7 crore was raised from the market.

It is the largest IPO in the country's stock market history, which was oversubscribed 5.74 times.

The Bangladesh Securities and Exchange Commission approved Robi's IPO on September 23.