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SUNDAY, JULY 13, 2025
Lovello to go public

Stocks

Salah Uddin Mahmud
03 June, 2020, 10:15 pm
Last modified: 03 June, 2020, 10:22 pm

Related News

  • Lovello's capital machinery import delayed over hurdle in LC opening
  • Lovello’s lottery draw held today
  • Lovello Ice Cream’s IPO subscription begins 3 January
  • Lovello gets BSEC nod to raise Tk30cr through IPO

Lovello to go public

Taufika Foods and Agro Industries, the owning company of the ice-cream brand, wants to raise Tk30 crore from stock market through its initial public offering

Salah Uddin Mahmud
03 June, 2020, 10:15 pm
Last modified: 03 June, 2020, 10:22 pm
Lovello to go public

Lovello Ice-cream of Taufika Foods and Agro Industries Limited wants to raise a fund from the stock market through initial public offering (IPO) for business expansion.

Meanwhile, the company has applied to the Bangladesh Securities Exchange Commission (BSEC) for raising Tk30 crore by issuing three crore ordinary shares with Tk10 face value.

Of these, the company allocates Tk9.04 crore for the acquisition of a plant and purchasing machinery, Tk5.78 crore for freezer purchase, Tk2.06 crore for vehicles purchase, Tk1.32 crore for investment in the depot to increase its capacity and Tk9 crore for the repayment of bank loans.

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According to the last audited report, the company's net profit was Tk6.16 crore, which was Tk4.25 crore in the previous year.

But in the first quarter of this fiscal year, the company's net profit was Tk2.99 crore, which was Tk1.40 crore in the same period of the previous year.

Last year the company's net revenue was Tk92.29 crore, an increase by 18.47 percent from that of the previous year.

During the year, its earnings per share were Tk10.05, up from Tk7.87 in the previous year.

The net asset value (NAV) per share of the company has been Tk64.91.

According to the first-quarter report, the company's term loan was Tk61.23 crore, lease loan Tk25.93 crore and short-term loan Tk13.07 crore.

AKM Zakaria Hossain, company's secretary of Taufika Foods and Agro Industries, told The Business standard, "The demands of our products (Lovello Ice-cream) are increasing day by day because of its quality."

"Our market share is almost 15 percent in the ice-cream industry. Of this, 50 percent sales are included in Dhaka division," he added.

The company was incorporated in Bangladesh in August 2011, and started its commercial operation on January 2, 2016.

The company is an Ice-cream manufacturer and supplier in Bangladesh.

The company's authorised capital was Tk100 crore and paid-up capital was Tk55 crore.

Ice-cream is a fast-growing industry in Bangladesh, which is growing at 15 percent per year.

The overall worth of the ice cream market in the country is Tk1,200 crore.

Igloo and Polar are the two established names in the industry, holding two-thirds – 66 percent – of the market share.

Currently, Igloo is the market leader, and holds 38 percent of the market share.

Economy / Top News

Lovello Ice-cream

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