Islam Oxygen seeks to raise Tk 93cr

Islam Oxygen Ltd has recently started working on its initial public offering (IPO) under the book building method to raise Tk 93 crore, subject to approval of the Bangladesh Securities and Exchange Commission. 

The fund is to be used for setting up a new factory building, plants and machineries. The initiation was made public at Radisson Blu Dhaka Water Garden, said a press release.

"In the financial year 2020-2021, we have been able to increase our production capacity to 25 million cubic metres per year," said Nurul Islam, managing director of Islam Oxygen.

According to a projected financial statement, its revenue will reach Tk 270.27 crore in 2025. "We will be able to meet the market demand of Bangladesh and then export to other countries," said Islam.

Shahidul Islam, chairman, Md Azharul Islam, director, Badr Uddin Al-Hossain, chief operating officer, and Md Akhtaruzzaman, company secretary, were present.