Maendeleo Bank’s counter at the Dar es Salaam Stock Exchange (DSE) on Wednesday remained quiet after going up by 20 per cent on its debut on Tuesday.

No trades were registered on the counter although there were bids for 2,000 shares which were not filled by the close of the second day of trading after the new bank listed its shares on the bourse.

“When the session was closed CRDB counter had 515,500 shares on bid…Maendeleo counter had 2,000 shares on bid at Tsh600 ($0.37) per share,” said DSE’s market report on Wednesday.

READ: Maendeleo shares to trade on Dar bourse

The new bank offered eight million shares with a green shoe option of 1.2 million shares at Sh500 each but the share hit the bourse at Sh600 on listing the DSE’s Entreprise Growth Market (EGM).

The lender, which became the first to list on the newly created enterprise and growth market (EGM) segment, was selling 8 million ordinary shares, with an option of accepting a further 1.2 million shares to make a total of 9.2 million shares at Tsh500 ($0.31) a share.

On Tuesday, the bank which became the twelfth Tanzanian company and the eighteenth firm overall to be listed at the bourse, registered two deals worth Tsh120,000 ($75) for a total of 200 shares.

Ibrahim Mwangalaba, Maendeleo Bank’s managing director said all 9.2 million shares were subscribed meaning that the bank managed to raise Sh4.6 billion for its capital expansion.

It is owned by the United Evangelical Mission, the Eastern and Coastal Diocese and other church institutions but the bulk of it was sold to other investors through an initial public offer.

“It’s a good beginning showing that the shares are in demand. It’s a sign of good future,” said Moremi Marwa, chief executive officer, DSE.

According to its prospectus, Maendeleo Bank, whose nominated advisor is Core Securities, has projected losses for the first two years of operations then profits over the next two.

READ: Mwanza bank becomes DSE Gem’s second listing

Mwanza Community Bank (MCB) whose IPO was extended is expected to be the second firm to list on the EGM in December while Swala Oil and Gas Tanzania is in approval process.

MCB is selling five million shares at Tsh550 ($0.34) and its founding members, according to its prospectus have already subscribed 600,000 shares for Tsh340 million ($211,752), or 12 per cent stake of the total shares on offer, leaving 4.4 million to investors.

MCB whose banking licence was issued on March 1, 2012 and Maendeleo Bank, whose licence was issued on September 11, 2013, are startup institutions and do not have any track record of profitability.