IPO subscription of Lovello ice-cream begins
Subscription of the initial public offering (IPO) of Taufika Foods and Agro Industries that markets Lovello branded ice-cream started yesterday.
Investors are allowed to subscribe to the company's shares within January 7.
Bangladesh Securities and Exchange Commission (BSEC) in a meeting on October 14 last year approved the IPO to raise a fund of Tk 30 crore.
Under the fixed price method, Lovello ice cream will offload three crore ordinary
shares at Tk 10 each.
The company's net asset value (NAV) per share was Tk 12.17, while earnings per share (EPS) was Tk1.20, according to the financial statement ending on September 30, 2019.
Although the size of ice-cream market is nearly $60 billion in the world now, it is worth Tk 2,000 crore in Bangladesh, the company said in a press release.
But, the demand is increasing by 20 per cent every year, it added.
So, the company will offload shares in order to expand its production.
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