The Financial Express

IPO subscription of VFS Thread to open June 24

| Updated: June 21, 2018 12:39:24

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IPO subscription of VFS Thread to open June 24

The public subscription of VFS Thread Dyeing Limited will open on June 24 and continue till July 02, officials said.

The company will raise a fund worth Tk 220 million through the initial public offering (IPO) under fixed price method.

The securities regulator, Bangladesh Securities and Exchange Commission (BSEC), approved the IPO proposal on April 03 to issue 22 million ordinary shares at an offer price of Tk 10 each.

The proceeds would be utilised to purchase plant and machinery, repay bank loans and bear the IPO expenses.

According to financial statement for the year ended on June 30, 2017, the company's net asset value (NAV) per share stood at Tk 19.90 (without revaluation) and the weighted average earnings per share (EPS) was Tk 2.02.

Citizen Securities & Investment and First Security Islami Capital & Investment are jointly working as the issue managers of the company's IPO.

Incorporated in 2010, the principal activities of the company are to carry on the business of dyeing and finishing of sewing thread of different types for 100 per cent export-oriented readymade garments industries in Bangladesh.

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