Eshana Nonwoven Fabrics Ltd., the Bangladesh-based nonwovens producer, is looking to go public aiming to expand its manufacturing capacity to tap the growing demand for its products in the international market, according to a reports. 

The company, which went into commercial operation in 2016, has applied to the Bangladesh Securities Exchange Commission (BSEC) to raise funds from the capital market to fund equipment puchasing and construction.

“From the long-term perspective, a bank loan is not a positive sign for us because of its high-interest rate. So, we have decided to go to the capital market,” Md Maftun Haque, managing director of the company, told The Business Standard.

“The business expansion plan was taken a few years ago but we could not execute it due to Covid-19.”

The company wants to issue three crore ordinary shares at the face of Tk10 each through an initial public offering (IPO).

Its principal activities are to manufacture and export a wide range of nonwoven fabrics for markets including PPEs, masks, non-woven bags, cushion covers and garment accessories.

The company plans to expand production capacity by 60% and add 200 employees through the expansion plan.