The Financial Express

IPO subscription of VFS Thread to start June 24

| Updated: June 19, 2018 13:32:09

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IPO subscription of VFS Thread to start June 24

The public subscription of VFS Thread Dyeing is set to start on June 24 and it will continue till July 02 , officials said.

The VFS Thread Dyeing will raise a capital worth Tk 220 million through the initial public offering (IPO) subscription under fixed price method.

The securities regulator – Bangladesh Securities and Exchange Commission (BSEC) approved the company’s IPO proposal on April 03.

As per the approval, the company will issue 22 million ordinary shares at an offer price of Tk 10 each.

The company will utilise the capital 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), while the weighted average of 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 Bangladesh in 2010, VFS Thread Dyeing is a 100 per cent export-oriented manufacturer of sewing thread products.

The principal activities of the company are dyeing and finishing of sewing thread of different types for 100 per cent export-oriented readymade garments factories in Bangladesh.

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