Esquire Knit Composite, one of the leading apparel exporters of Bangladesh, is planning to invest BDT 576 crore in business expansion. Of the amount, BDT 340 crore will come from local and foreign loans, while BDT 86 crore will come from the company’s own funds and the rest BDT 150 crore from the capital market, a company official informed.
The company will use ‘book building method’ to raise BDT 150 crore from the capital market. Book building is a process through which an issuer attempts to determine the price to offer for its security, based on demand from institutional investors. The apparel supplier even organized a roadshow in Dhaka, the capital city of Bangladesh, on 18 April as part of its Initial Public Offering (IPO) plan.
As contacted over phone, Arifur Rahman, one of the Directors of the company, told Apparel Resources: “We need to expand our business to meet the growing demands of our existing clients.” With these funds, the readymade garment exporter will set up new unit at Mymensingh and expand its existing unit at Narayanganj.
C&A, Zara, Esprit, Only, Tee Jays, Fynch-Hatton and Hunkemoller are some of the international apparel buyers of Esquire Knit.