Wednesday Nov 06, 2024
FT
Wednesday Nov 06, 2024
Wednesday, 19 May 2021 00:20 - - {{hitsCtrl.values.hits}}
First to be listed on the SME-centric Empower Board, Chrissworld Ltd. yesterday produced a dream debut, with its share price peaking by 179% before settling at 128% with more than double the IPO quantity trading. Dumbfounding sceptics but reinforcing faith of ardent supporters, warehouse logistics specialist Chrissworld saw 18 million of its shares change hands via 5,872 trades, generating turnover of Rs. 254.2 million. It closed the day up 128% to Rs. 17 whilst it hit an intra-day high of Rs. 20.90 (up by Rs. 13.40 or 179% from the IPO price of Rs. 7.50) and a low of Rs. 9.
It was the biggest gainer percentage wise whilst being the third largest turnover generator after Browns Investments and Teejay Lanka.
Chrissworld Chairman Christo Perera was humble despite the sensational debut. “I hope our beginning will boost other SMEs to list. It is always best to get new companies to the stock market and spread the opportunities,” he told Daily FT. “It also refreshes investor interest,” he added.
Yesterday’s volume traded was more than twice the amount offered via the IPO late last month. Aimed at raising Rs. 56.25 million the IPO of 7.5 million shares (25% stake) was oversubscribed by two times. It drew 283 applications requesting 16.18 million shares worth Rs. 121.3 million. Of the applications, 227 were via cheques and bank drafts reflecting retail interest.
To signify the historic development, Chrissworld rang the market opening bell yesterday to commence trading on the CSE. Incidentally this took place via the first-ever fully virtual market opening ceremony as well.
