Bashundhara Paper Mills dominated the turnover chart on the Dhaka bourse for five straight sessions on Sunday since its debut on Monday last.
Market insiders said the investors showed enthusiasm for the new stock amid short-term speculation. So, it created hype among the investors, they added.
The company, a concern of the country's leading business conglomerate, Bashundhara Group, raised a capital worth Tk 2.0 billion from the capital market under the book-building method.
According to the Dhaka Stock Exchange (DSE), about 3.81 million shares of the company were traded, generating a turnover of over Tk 666 million on Sunday.
It was 7.46 per cent of the premier bourse's total transaction of Tk 8.92 billion.
The company's share price traded between Tk 163.9 and Tk 183.80, before closing at Tk 165.70 on the day, losing 8.75 per cent over the previous session. The stock was also the day's worst loser.
Meanwhile, the company's share price soared 130 per cent or Tk 103.80 each in the past four trading sessions till Thursday last.
Following the recent abnormal price hike, the Dhaka Stock Exchange (DSE) served show-cause notice on the company.
However, the company informed the DSE that there was no undisclosed price sensitive information for the recent unusual price hike of its shares.
Bashundhara Paper will use the IPO fund to purchase machineries, repay bank loans and bear the IPO expenses.
The company's (un-audited) net profit after tax stood at Tk 321.76 million in the nine months from July 2017 to March 2018.
The post-IPO earnings per share (EPS) stood at Tk 1.85 for the period from July 2017 to March 2018. The net asset value (NAV) per share was Tk 34.07 as of March 31, 2018.
The company's paid-up capital is 1.73 billion, authorised capital is Tk 5.0 billion and the total number of securities is 173.79 million.
Sponsor-directors own 66.14 per cent stake in the company while institutional investors 8.99 per cent and the general public 24.87 per cent as on June 30, 2017, the DSE data shows.
The company produces different types of papers and paper products.
Apart from Bashundhara Paper, the most active shares of the week were, Ratanpur Steel Re-rolling Mills with shares of Tk 422 million changing hands, followed by United Power Tk 293 million, BBS Cables Tk 244 million, Alif Manufacturing Company Tk 194 million, Alif Industries Tk 189 million.
Monno Ceramic Industries was also included in the day's top turnover list with shares worth Tk 167 million changing hands, followed by Anwar Galvanizing with Tk 151 million, Sinobangla Industries Tk 139 million and Fortune Shoes Tk 127 million.