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Textile sector to flood stock market with IPOs

25
Feb '10
Stock markets have extended support to the Initial Public Offerings (IPOs) to be floated by several textile and garment companies intending to expand their businesses and thereby securing a larger share in the international apparel market.

Chief officials of the companies opined that those public issues are being floated for expansion of business and raising working capital.

Amongst others, Envoy Textile, a unit of Envoy Group, is also to step in the stock market, as the Securities and Exchange Commission has already given its consent to the company's move to raise capital.

Abdus Salam Murshedy, Managing Director of the group, informed that they will be coming out with an IPO worth Tk 400 million on Dhaka and Chittagong stock exchanges with each share having face value of Tk 10 and also informed that, a fraction of shares under private placement has already been sold out by the company.

Meanwhile, a unit of Purbani Group, a leading fabric manufacturer, is also preparing to off-load shares to the tune of around Tk 300 million and is expected to hit the market by end of the year. Abdul Hai Sarker, Chairman of the group informed that they are in the process of readying for listing on the exchange.

SQ Celsius, a unit of SQ Group, an apparel giant, too few days back declared that they will be offloading shares of about Tk 1.5 billion by end of the year.

Ghulam Faruque, Chairman and Managing Director of the group, said that as soon as the pre-IPO or private placement formalities are sorted out, probably by June, the shares will be traded formally by September.

SQ's chief also stated that company's asset valuation and credit rating process is being carried out by an asset management firm which will conclude shortly.

At present, paid up capital SQ Celsius is about TK 500 million and it employs 7000 workers, while the worker's strength of the entire group sums up to 10,000 workers. At present, 26 companies representing the textile and apparel sector are listed on the Dhaka Stock Exchange.

Fibre2fashion News Desk - India


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