Shares of Runner Automobiles Limited, the country’s first manufacturer and exporter of motorcycles, commenced trading on both of the stock exchanges of Bangladesh on May 21, 2019.
Earlier, the company signed an agreement with the Dhaka Stock Exchange (DSE).
Speaking at the programme, Chairman of Runner Automobiles Limited, Hafizur Rahman Khan, said “We haven’t made this initial public offering (IPO) for the funds only, rather we have taken this step to make the company sustainable for the long term as a public company. The management and employees of Runner have taken the company to this height through hard work, dedication and commitment.”
“The company has been running its business with a strong reputation since its inception. We want to continue to raise the reputation of the company in the future with the continued support of all stakeholders. Runner has gone a step beyond by exporting motorcycles made in Bangladesh to several countries. With this additional step into the capital market, more responsibilities have been bestowed on our shoulders and we are committed to deliver on our promises,” Khan added.
Managing Director of DSE KM Majedur Rahman said, “The general investors are feeling encouraged as Runner Automobiles Limited has been listed on the bourses.”
The trading of shares of the company also started at the Chittagong Stock Exchange (CSE).
General Manager of CSE Golam Faruk said: “The entry of a well-established Company like Runner in to the market will encourage the general investors and strengthen the capital market.”
Managing Director and CEO of Runner Automobiles Limited Reazul Haque Chowdhury said, “The shareholders have shown their confidence and trust on the IPO of our company. Now it’s our responsibility to value the confidence and trust of investors by taking the Company to a newer height”. He thanked DSE, CSE and other parties involved in the IPO process for their relentless support.
This is the first time that a Bangladeshi company with a foreign equity investment firm as an investor has been enlisted in capital market. Khalid Shahidul Quadir, Nominated Director of Brummer Frontier PEII said “Runner Automobiles Limited, a clean-imaged manufacturing company, is a national pride for Bangladesh.” Muallem A Choudhury, FCA, Nominated Director of Brummer Frontier thanked both the DSE and the CSE for their support.
Chief Financial Officer (CFO) of the Company Nazrul Islam said, “we have been doing business with full compliance and in a socially responsible manner. With the entry in to the capital market, we are committed to ensure value creation for our shareholders and investors.”
The trading of shares of Runner Automobiles Limited started at Tk 97.30 each on the first day. The issue led the market throughout the day and was traded at Tk 100.40 per share at the day’s closing.
Runner Automobiles Limited (RAL), the flagship company of Runner group started its business in 2000. Runner is the first company in Bangladesh manufacturing of motorcycles for local markets as well as exporting to other countries. In addition to motorcycles, RAL is also the distributor of Bajaj 3 wheelers in Bangladesh. Runner Motors , a subsidiary of Runner Automobiles Limited, is the distributor of Volvo Eicher commercial vehicles e.g. trucks, light vehicles etc. Runner Motors is a strong player in the commercial vehicles sector and enjoys significant market share in the sector. Runner Automobiles is managed by a seasoned multinational and multicultural management team and guided by a strong diversified board with representation from Brummer Frontier PEII.