PHP Float Glass up for public offer

PHP Float Glass Industries Ltd, a glass manufacturing plant in the private sector, plans to enter the country’sstock market to raise funds to enhance its working capital and business expansion.

It will float 30 million ordinary shares of Tk 10 each using the book building method, a pricing mechanism recently introduced for initial public offering (IPO). Alliance Financial Services Ltd is the issue manger for the IPO.

The float glass manufacturer, a concern of Chittagong based PHP Group of Industries, has a paid-up capital Tk 705.10 million and proposed an indicative price of each share at Tk 75 including Tk 65 in premium.

IPO information memorandum of PHP Float Glass said profit of the IPO shall be utilized for expansion of capacity of the plant with diversified and value added products along with strengthening the distribution channel.

It plans to set up an aluminium industry at the cost of Tk 247.5 million by the month of May 2011 and three more projects for glass drilling and edging, tempered glass and the third one for setting up warehouses and distribution facilities in the current calendar year from the IPO sales proceeds.

Currently the principal products of the company are clear glass and mirror glass sheets. PHP mirror glass covers around 70 per cent of the mirror market share in Bangladesh.

Source: The financial express,  20 January, 2011

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