Home / Knowledge / News / Textiles / Tosrifa Industries IPO at a premium of Taka 16 opens
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


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X