Yarn maker Shepherd to raise Tk 20cr - Share market analysis of dhaka stock exchange, Bangladesh

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16 November, 2016 10:17 AM Source: The Daily Star Bangladesh

Bangladesh Securities and Exchange Commission yesterday gave the green light to Shepherd Industries to raise Tk 20 crore from the public.

The sweater yarn manufacturer will float two crore ordinary shares of Tk 10 each through initial public offering (IPO), the stockmarket regulator said in a statement.

The company will use the IPO proceeds for setting up a washing plant, purchasing machinery for the washing plant, expanding the effluent treatment plant and repaying bank loans.

The company's last five years' weighted average earnings per share stood at Tk 1.44 and net asset value per share at Tk 18.70 in June this year. Alpha Capital Management will manage the IPO.

At present, 45 textiles and garment companies are listed on Dhaka Stock Exchange, accounting for about 4 percent of the total market capitalisation.

Located at Bhaluka in Mymensingh, Shepherd Industries is a 100 percent Taiwan invested sweater yarn manufacturer established in 2000. It supplies a wide range of sweater yarns and provides garment dyeing and washing services to export-oriented sweater factories in Bangladesh.

Its daily production capacity is around 22.68 tonnes of cotton and cotton mix yarn and around 18.14 tonnes of acrylic and mix acrylic yarn, while its daily dyeing capacity is 60,000 pieces and washing capacity 50,000 pieces, according to the company's website.

Walmart, Mark & Spencer, C&A, Tesco, Zara, H&M, Gap, Carrefour, Mango, Uniqlo, Primark, Lee Cooper, Aldi and s.Oliver are the international buyers of Shepherd Industries, which is an entity of Shepherd Group.

The BSEC also allowed Jamuna Bank to raise Tk 300 crore by issuing non-convertible coupon bearing subordinated bonds and the fund will be used to fulfil the requirements of tier-II regulatory capital.

The bonds will have a maturity period of seven years.

The face value of the bond, which can be issued to only financial institutions and high net worth individual investors through private placement, will be Tk 10 lakh per unit. In another development, the regulator fined Super Shares and Securities, a stockbroker, Tk 2 lakh for breaching securities rules. 

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