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Envoy Textiles IPO opens for subscription
Oct '12
The Initial Public Offering (IPO) of Envoy Textiles Limited (ETL), one of the largest denim fabric manufacturing units in Bangladesh, has opened for subscription.
Established in 2005 as a cent percent export-oriented unit, ETL began commercial production of denim fabric in 2008. Today, the company has an annual production capacity of 24 million metres.
Recently, ETL has achieved ISO 9001:14001 quality certification.  The company produces a range of denim fabrics in a variety of shades and cast – basic indigos and sulphur topping or bottoming, in 100 percent cotton and a variety of blends.
The IPO subscription would end on October 22 for Bangladeshi residents and on October 31 for non-resident Bangladeshi citizens.
Through the IPO, ETL intends to raise Tk 900 million, which will be utilized to expand the current denim fabric production capacity by setting up a new fully automated state-of-the-art rope denim unit.
ETL IPO was earlier scheduled to begin on July 29, 2012, but the subscription was postponed by the securities regulator.

Fibre2fashion News Desk - India

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