Dhaka, Bangladesh (BBN) – Deshbandhu Polymar Limited (DPL), a leading plastic bag manufacturer, will float initial public offering (IPO) by October aiming to mobilize fund for expansion.
It will raise BDT 100 million through issuing a total of 10 million primary shares with a face value BDT 10 each, the company officials said.
The company has already submitted application to the Securities and Exchange Commission (SEC) for permission to float the IPOs.
“We expect to float IPOs by October and the money to be realised will be spent on expansion of our existing plant,” Chairman of the DPL Md Golam Mustafa was quoted by the Financial Express as saying.
The DPL is located at Polash in Narsingdi and it mainly produces woven bags and other kinds of bags needed mainly in poultry feed plants, fertilizer factories, cement, food grains and chemicals factories.
DPL chairman said it wants to manufacture large size bags, which have potential export market. “Our foreign buyers want to import jumbo bags and we have planned to manufacture this kind of bag after realization of money from public.”
The DPL is now producing different kinds of bags and its major customers in the country are Bangladesh Chemical Industries Corporation, Kafco, Kazi Farms.
BBN/SS/SI/AD-09August09-1:58 am (BST)