Hwa Well Textiles gets IPO approval

The Bangladesh Securities and Exchange Commission (BSEC) has given approval to Hwa Well Textiles to raise Tk 200 milion through an Initial public offering (IPO).

Through the IPO, to be managed by Alfa Capital Management and Citizen Securities and Investment, the textiles company will float 2 million ordinary shares worth Tk 10 each.

The capital raised through the IPO would be used by the company to purchase land and machinery, as well as for constructing new factory buildings, BSEC said in a statement.

In its annual statement for the year ended on June 30, 2013, Hwa Well Textiles’ earnings per share stood at Tk 3.66 and net asset value per share at Tk 28.25.