Cipla share price rises by 1.2 per cent

Kampala. The Cipla share price yesterday closed on a high, recording an increase of 1.2 per cent since its listing on the Uganda Securities Exchange (USE) on Monday.
Cipla, which trades under the QCIL symbol, is the latest company to list on the USE six years after Umeme.
Mr Robert Baldwin, the Created Capital chief executive officer, yesterday told Daily Monitor the stock has registered good progress despite slowed economic activities.
“Its [Cipla] share price has gone up by 1.2 per cent in daily trading. We still anticipate good performance as the market gets used to the new [stock]. It is still very early [to have a fair assessment,” he said.
Computed trading data obtained from USE indicate that Cipla has so far traded 21,549 shares since its listed on Monday. Generated turnover stands at about Shs4.2m.
Daily trading breakdown shows that on Monday, the stock opened at Shs256.50 before moving to Shs290. However, it later moved southwards to Shs280 before stabling at Shs262.
Three deals worth 6,100 shares were recorded on the day posting a turnover of Shs1.599m and a total market capitalisation of Shs956.8b.
Overall, at the IPO stage Cipla offered a total of 657,179,319. Out of this 649,384,486, which represents 98.81 per cent were allotted.
Mr Baldwin, whose company was the lead sponsoring broker, said the turnout of new and first-time investors in the retail pool was much higher than anticipated with the institutional pool getting oversubscribed by 130 per cent.
Yesterday the stock traded about 4,610 shares in eight deals at price of Shs262 translating into a total turnover of Shs953.15b.
Cipla offered 591,461,386 shares for institutional investors, which were 100 per cent subscribed. More than Shs151.7b was raised from the institutional pool while more than Shs14.8b was mobilised from the retail pool .