The company developing the Thilawa Special Economic Zone became the second to launch on the Yangon Stock Exchange on May 20 amid heavy demand for its shares, media reports said.
Myanmar Thilawa SEZ Holdings, or MTSH, made “a raucous debut” on the YSX, reported the Nikkei Asian Review.
The stock’s debut price was set at K40,000 but heavy demand sent it limit-up to K50,000 as soon as trading began, the NAR said.
Trading volume for the day totalled 10,157 shares, for a value of K507.85 million, it said.
“We received a number of large buy orders after placement began at 9.30am, keeping MTSH topped out at K50,000,” said Mr Kensuke Yazu, an adviser to the YSX for Japan Exchange Group, that played a big role in establishing the bourse. MTSH shareholders had also come out to sell in force, Yazu told the NAR.
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MTSH was founded in 2013 by nine companies involved in real estate development and other sectors and the company said it later issued shares for K10,000 each to more than 15,000 investors.
There had been predictions the company’s opening session would be dominated by selling because of the difference between the shareholder and the listing price, NAR said.
The strong demand for shares in MTSH follows heavy buying in First Myanmar Investment when it became the first company to trade on the YSX on March 25.
FMI shares opened at K26,000 and went limit-up for the first few sessions.
FMI shares finished at K31,500 on May 20, their highest close since April 26, NAR reported, adding that trading volume hit 19,753 shares in the most active day since May 8.
Yazu said it was unclear if the debut of MTSH had affected trading in FMI, but added that there “may have been a general air of excitement”.
Buying on the YSX was expected to remain strong this week, he told the NAR.
