IPO subscription of Tosrifa Industries next week
18 March 2015, Nirapad News: The initial public offering (IPO) subscription of Tosrifa Industries will begin next week (March 24) to raise a fund worth above Tk 638.72 million from the public, officials said.
IPO subscription of the cent per cent export oriented garment manufacturer will begin on March 24 and remain open till March 31, 2015 for resident Bangladeshi and it will be continued till April 9, 2015 for non-resident Bangladeshi (NRB).
The securities regulator – Bangladesh Securities & Exchange Commission (BSEC)-approved the IPO proposal of Tosrifa Industries on February 10, 2015.
The company is set to float above 24.56 million ordinary shares worth Tk 10 each for Tk 26, with Tk 16 as premium, according to company’s IPO prospectus.
The company has offered its 60 per cent shares for general public, 20 per cent for small affected investors, 10 per cent for NRBs and 10 per cent for mutual funds.
Tosrifa, a flagship of Northern Tosrifa Group, will use the funds from the initial public offering for expansion of business 96.88 per cent and IPO expenses of 3.12 per cent.
The company’s earnings per share (EPS) as of December 2013 stood at Tk 2.49 with a net asset value (NAV) per share of Tk 34.41.
IDLC Investments is acting as issue manager of the Tosrifa Industries’ IPO.
Presently, 39 textile companies are listed on Dhaka Stock Exchange (DSE) that accounts for around 5.0 per cent of the premier bourse’s total market capitalisation.
Tosrifa Industries is a 100 per cent export oriented knit apparels manufacturer in Bangladesh. It was established in the year of 2002 at Tongi, Gazipur, according to company’s website.