Thai Foils & Polymer goes public for Tk120cr

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Green Delta Capital Has Been Appointed Issuance Manager for Planned IPO

TBS report

June 15, 2022, 9:00 PM

Last modification: June 15, 2022, 9:05 PM

Md Rafiqul Islam, Managing Director of Green Delta Capital and Mostofa Kamal, Managing Director of Al-Mostafa Group, recently signed an agreement to appoint Green Delta as IPO Issuance Officer. Photo: courtesy

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Md Rafiqul Islam, Managing Director of Green Delta Capital and Mostofa Kamal, Managing Director of Al-Mostafa Group, recently signed an agreement to appoint Green Delta as IPO Issuance Officer. Photo: courtesy

Thai Foils & Polymer Industries Limited, an Al-Mostafa Group company and one of the leading manufacturers of packaging materials, plans to raise around Tk 120 crore through an initial public offering (IPO) to expand its business and repay his debts.

The company has appointed local investment bank Green Delta Capital as the originator of the deal, according to a press release on Wednesday.

Md Rafiqul Islam, Managing Director of Green Delta Capital and Mostofa Kamal, Managing Director of Al-Mostafa Group, recently signed an agreement in this regard on behalf of their respective organizations.

“The listing is a timely decision for our group as it will allow us to tap into the equity market to raise funds to accelerate the growth of our core business activities,” Mostofa Kamal said during the signing ceremony which was held in the capital.

“With Green Delta Capital Limited, we hope to perform well, which will impact our capital market as well as our economy,” he added.

According to company officials, Thai Foils aims to increase its industrial chemical production, mainly used in the manufacture of packaging materials, if it obtains regulatory approval for the IPO.

The demand for packaging materials is growing at a double-digit rate in Bangladesh, they said.

Meanwhile, Rafiqul Islam of Green Delta Capital said, “As a fully-fledged merchant bank, we continually strive to bring good companies to the capital market. And managing emissions from Thai Foils and Polymer Industries is going to be a big milestone for us.”

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