Set to float 8m primary shares of Tk10 each.
Maksons Spinning Mills is going to be the first company since 2002 in textile sector to be listed with the country's stock market.
Six years ago another such company Metro Spinning Mills went public, while there are 39 textile-related firms that have so far been listed on the Dhaka Stock Exchange.
The subscription for primary shares of Maksons Spinning started on Sunday and the subscription will be closed on Thursday for resident Bangladeshis and on October 25 for non-resident Bangladeshis.
Maksons Spinning, which was incorporated as a public limited company in September 2003, will float eight million primary shares of Tk 10 each to raise Tk 80 million from public through initial public offering (IPO).
The raised fund will be used for loan repayment of the company to Southeast Bank Ltd.
A subsidiary of Maksons Group, Maksons Spinning aims to add $2 million to its annual turnover within next one year.
“Presently our turnover is around $20 million and our target is to increase it to $22 million by next one year,” said Mohammad Ali Khokon, managing director of Maksons Group.
Khokon said Maksons Spinning, which started commercial operation in May 2006, is equipped with state-of-the-art machinery imported from Switzerland, Germany, Japan, China, Spain, India, USA, Italy, France and Taiwan. “Our aim is to produce international standard products,” he said.
He said the country's 100 percent export-oriented readymade garment and knitwear makers are the customers of Maksons Spinning, which was set up on a 32-bigha land at Ashulia in Savar on the outskirts of Dhaka.
“In future we want to use our backward linkage industry's products in our forward linkages. To this end, a knitwear factory will be set up on Maksons Spinning premises next year,” he said.
Khokon also said he wants to increase the group's total turnover to a billion dollar within next 10 years.
Maksons Spinning, which was set up at a cost of Tk 1.18 billion, produces 100 percent cotton-combed and carded yarn with an annual installed production capacity of 91,60,000 kg.
However, currently it produces 20,000 kg of yarn per day using 45,000 spindles.
It imports raw cotton from Commonwealth of Independent States.
The authorised capital of the company is Tk 500 million, while its paid-up capital is Tk 340 million as of April 26, 2008.
The company made a net profit of Tk 9.6 million as of December 12, 2007.
Its earning per share stood at Tk 10.69 as of December 31, 2007.
The total workforce of Maksons Spinning is over 1,000, of which 600 are getting residential facilities on the factory premises.
The other subsidiaries of Maksons Group are Metro Spinning Ltd, Maksons Jute Mills Ltd, Maksons Knit and Rotor Spinning Mills Ltd, Maksons Properties and Developments Ltd, Makcot International and Mak Fashion Ltd.
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