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Bangladesh-based Hamid Fabrics to raise Tk 1.05bn via IPO
29
Sep '14
Hamid Fabrics Ltd (HFL), a division of Bangladesh-based Mahim Group kicked off its IPO by selling 300 million shares and raise Taka 1.05 billion.

HFL which has reported a staggering profit growth in last few years, has priced each share at Taka 35, which includes a premium of Taka 25.

HFL’s profit grew 255 percent between 2009 and 2013, while revenues grew only 2 percent during the same period, BD News reported.

This growth, according to Company Secretary Din Mohammed, came after it optimised production capacity.

HFL has a fabric production capacity of 7.2 million yards per annum, while its dyeing and printing fabric output totals 30 million yards per year, the HFL website informs.

Din Mohammed added that they used the excess finishing capacity for job-working purposes, due to which their spending on raw materials was low, hence the rise in profits.

HFL is the 35th textile company to be listed on the Dhaka stock exchange. (AR)

Fibre2fashion News Desk - India

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