Evince Textiles, the Dhaka-based 13-year old textile manufacturer, can now go for IPO as it has received Bangladesh Securities and Exchange Commission’s go ahead to raise US $ 2.1 million from public offering. Looking at floating 1.7 ordinary shares of US $ 0.02 (BDT 10 each). The IPO, being managed by LankaBangla Investment, underlines Evince Textiles’ investment plans for the future wherein purchases of machinery and building construction will be made. The amount will also assist Evince with the working capital.
Also Read – Kornit Digital – now a member of Nasdaq
Envince‘s earnings per share stood at US $ 0.02 and net asset value per share at US $ 0.22 at the end of December last year. The approval came at a meeting presided over by Khairul Hossain, Chairman of Bangladesh Securities and Exchange Commission, the capital markets regulator said in a statement. Set up in 2003, Evince Textiles currently produces over a million yards of cotton shirting fabrics a month, according to the company’s website.
The BSEC has also fined the managing director and other directors, except independent and nominated directors, of Matin Spinning Mills US $ 2,550 each for breaching securities rules while using the IPO funds.
Currently, 44 companies from the textile sector are listed on the Bangladeshi stock market, which accounts for about 4 percent of Dhaka Stock Exchange’s market capitalisation.
