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Tosrifa Industries IPO at a premium of Taka 16 opens
24
Mar '15
Tosrifa Industries in Bangladesh is raising Taka 61.88 crore through an initial public offering (IPO) to set up an eco-friendly dyeing unit and also become self-sufficient in fabric dyeing.

“Tosrifa, a flagship of Northern Tosrifa Group has floated 2.46 crore ordinary shares worth Taka 10 each for Taka 26, with Taka 16 as premium,” a company prospectus informed.

The IPO subscription managed by IDLC Investments begins on March 24 and will end on March 31 for the public and April 9 for non-resident Bangladeshis.

Tosrifa also intends to expand its garment manufacturing capacity by adding an additional 500 sewing machines.

The total cost of the projects is projected at Taka 163.2 crore, of which Taka 152 crore will be used to set up the dyeing plant with a daily capacity of 15 tons of fabric.

Of the Taka 163.2 crore, Tosrifa has already raised Taka 6 crore through a pre-IPO placement and Taka 95.32 crore will be sourced from debt financing or retained earnings and the rest through the IPO.

The dyeing unit will be equipped with energy-efficient machinery, which will help the Company reduce its carbon footprints.

According to a top company official, Tosrifa will also use a cold pad batch dyeing technology which will consume 45 per cent less power and also less water than conventional dyeing systems.

“The purpose behind setting up dyeing unit is to reduce dependence on subcontracting the dyeing process which will result in reduction lead times and lower expenses,” the official said.

Tosrifa employs around 1,350 workers and supplies garments to global clothing brands like such Gina Tricot, MQ Retail, Delta-Sport Handelskontor, El Corte Ingles, ZXY International, etc.

The company's earnings per share as of December 2013 stood at Taka 2.49 with a net asset value of Taka 34.41.

Currently, 39 textile companies are listed on Dhaka Stock Exchange (DSE) which together account for around 5.0 per cent of the total market capitalisation of the bourse. (AR)

Fibre2fashion News Desk - India

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