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Envoy Textiles IPO opens for subscription
16 Oct '12
1 min read
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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