The Bangladesh Securities and Exchange Commission (BSEC) recently approved Kattali Textile Limited’s (KTL’s) initial public offering (IPO) prospectus to raise Tk 34 cr. KTL will offload 34 mn ordinary shares at a fixed price of Tk 10 each. The money will be utilised to purchase capital machinery, repay bank loans, install an electric transformer and to bear IPO expenses.

NRB Equity Management Limited will act as the issue manager for the IPO process. Kattali Textile is a production unit of Asian Group, established in 2002 to cater to world-class buyers. Located in Chittagong, KTL has a monthly production capacity of 450,000 woven tops, 350,000 woven bottoms, 550,000 knit tops and 550,000 knit bottoms, according to a report.