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Bramer Rises to Fourth Spot on Mauritius Bourse After First Day

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May 9 (Bloomberg) -- Bramer Banking Corp., a Mauritian lender, gained 5.3 percent on its first trading day, becoming the bourse’s fourth-biggest company by market value.

The stock traded at 10 rupees a share at the close, in Port Louis, the capital. The company set a reference price on the stock of 9.50 rupees.

Today’s trading gives the lender a market value of 9 billion rupees ($308 million), the fourth-biggest on the Stock Exchange of Mauritius after Mauritius Commercial Bank, State Bank of Mauritius Ltd. and New Mauritius Hotels Ltd, according to data from the bourse.

Bramer Banking is the third domestic lender to be listed on the Stock Exchange of Mauritius, after a merger with Mauritius Leasing Co. Ltd and Bramer Holding Co. Shareholders of Mauritius Leasing obtained 1.78 shares in Bramer Banking, according to a statement on the exchange’s website. The leasing company stopped trading on March 28, at 10.50 rupees.

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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