FloWater, FloSolar plan to go public

Two new types of companies -- a water treatment solution provider and a solar panel producer -- plan to go public on the stock exchanges in Bangladesh as they look to raise funds to expand footprint.

FloWater Solutions and FloSolar Solutions have decided to list with the exchanges and signed a memorandum of understanding with MTB Capital to manage the issues on Sunday.

If everything goes as per plans, the two companies will be the first listed firms in the water treatment solution provider and the solar energy solutions provider categories in the country.

"We are now profitable companies, so we want guidance from an issue manager so that we can be listed with the stock market smoothly," said Mustafa AK Khan, founder and managing director of both companies.

"MTB Capital will give us some targets. The fulfilment of these targets will make our listing easier."

Set up in 2017, FloWater Solutions works in the areas of water, sewerage and effluent treatment and counts Navana Real estate, Concord, Shanta Holding, ActionAid, SSG,

Finlay, and BSRM as its clients, according to its website.

It has completed more than 150 projects and has 35 active projects, according to the issue manager.

Founded in 2019, FloSolar Solutions is a private limited company providing industrial rooftop solar solutions to industries.

It is implementing renewable energy projects and has experience of working with international engineering procurement and construction companies and financial firms.

Khairul Bashar Abu Taher Mohammed, CEO of MTB Capital, and Khan signed the MoU at a programme.

Bashar said: "FloWater needs more money and its capital base is significant. So, it will be listed with the main board, while FloSolar may raise funds from the SME board."

The fund size has not been fixed yet. "We are working on it," he added.