The opening day’s trading of Ex-Pack PLC (PACK.N) yesterday showed signs of a premature boom and subsequent bust but at all times maintained a healthy margin above its IPO price. The share opened trading with a quantity of 5,000 shares for Rs 16 at 11 to only end up rising to Rs 24.9 by 11:02 with a quantity of 2,000 followed by a precipitous fall below the opening price of the share.
The share ended the day trading always above the IPO price. The Volume Weighted Average was Rs 18.42 which was more than double the price of the IPO at Rs 8.4. Over the day’s trading, the share saw a high of Rs 25 and a low of Rs 15.1. The share ended the day’s trading at Rs 17.6. Over the course of the day, there were 13,779 trades accounting for a turnover of Rs 1.39 billion. The total volume of shares traded was 75 million. Aberdeen Holdings (Ex-Pack parent company) Founder Sattar Kassim noted that the IPO was oversubscribed by over 11 times on the opening day of the issue. He was happy to see that he was able to build a company up since 1998 to a stage at which it warranted to be publicly listed. The proceeds from the IPO are to be used to expand the production capacity of the company. Kassim noted that though the COVID-19 pandemic had hurt other industries Ex-Pack was able to showcase strong and stable revenue figures to its stakeholders. Ex-Pack uses only planned forests for the sourcing of their wood pulp and places environmental considerations at the forefront of their operations. Ex-Pack is a leading supplier to many leading multinational and local conglomerates in the country.
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