Home ›› 16 Jun 2022 ›› Stock
Thai Foils & Polymer Industries Limited, a concern of Al-Mostafa Group, has decided to raise approximately Tk 120 crore from the capital market through an initial public offering (IPO) under the book building method.
The company has already appointed Green Delta Capital Limited (GDCL) as its issue manager to supervise the listing process, said the company in a statement.
GDCL Managing Director and CEO Md Rafiqul Islam and Managing Director of Al-Mostafa Group Mostofa Kamal have signed the agreement on behalf of their respective organisations for the IPO of Thai Foils & Polymer Industries Limited under the Book Building Method.
With the proceeds of IPO, the issuer plans to expand its business by producing industrial chemical products which have huge demand in the several industries of the Bangladesh market including textiles, pharmaceuticals, oil & gas, aluminum, pulp & paper, leather, cable, and even some household consumer goods.
The GDCL managing director said, “As a full-fledged merchant bank, GDCL continued its effort to bring good companies into the capital market. In this process, GDCL has now been appointed to work as sole Issue Manager for the upcoming IPO of Thai Foils & Polymer Industries Limited (Concern of Al-Mostafa Group) under Book Building Method, which is going to be another milestone for GDCL.”
Al-Mostafa Group Managing Director Mostofa Kamal said, “The listing is timely for our group as it will enable us to tap into the equity capital market to raise funds to accelerate the growth of our core business activities. Along with Green Delta Capital Limited, we hope to perform well, which will have a positive impact on our capital market as well as on our economy too.”
Green Delta Capital is a full-fledged merchant bank, and a 100 per cent owned subsidiary of Green Delta Insurance Company Limited.
Since its inception in 2010, GDCL has been working to arrange local and foreign funds for various sectors and has generated employment of more than 1,500.
