Dhaka, Bangladesh (BBN)-The initial public offering (IPO) subscription of Evince Textile, a garment manufacturer, begins Monday, which will raise a fund worth BDT 170 million from the public, officials said.
IPO subscription will remain open for all categories of investors until 22 May.
The Bangladesh Securities and Exchange Commission (BSEC) approved the IPO proposal of the company on April 04.
The regulatory approval to the IPO proposal of Evince Textiles is the first approval issue after the amendment of Public Issue Rules-2015.
According to the BSEC approval, Evince Textiles will offload 17 million ordinary shares at an offer price of BDT 10 each.
The company will utilise the fund for boosting working capital and civil construction and modernising the machineries along with bearing the IPO expenses.
LankaBangla Investments is working as the issue manager of the company.
According to the prospectus, the main activities of Evince Textiles are concentrated in manufacturing, dyeing and finishing of 100 per cent cotton woven fabric and exporting same as a deemed exporter.
BBN/SK/AD