Star Adhesives Ltd, a concern of Partex Star Group, wants to raise capital from the stock market to expand its business.
Star Adhesives signed an agreement with EBL Investments at a ceremony in Dhaka on Thursday. The investment bank will act as the issue manager and corporate adviser to the company.
Initially, the professional corporate advisory services will help the company go public. Then the issue manager will serve it to go for an initial public offering under the fixed price method – issuing primary shares at face value.
Star Adhesives produces different types of glue, such as synthetic rubber adhesive, synthetic resin adhesive, synthetic rubber sprayable adhesive, synthetic distemper adhesive, wood preservative, solvent cement, silicone adhesive, super glue and spray paint.
The company also produces brake oil and grease.
A company official said Star Adhesives started its business in 2013, and its factory is situated in Madanpur area of Narayanganj.
The company's annual production capacity is nearly 3,000 tonnes and demand for its products is growing day by day. The products are delivered across the country.
The signing ceremony was attended by Star Adhesives' Managing Director Aziz Al Kaiser, Chief Finance Officer Mohammad Mainur Rahman Bhuiyan and Chief Operating Officer Md Quamruzzaman, and EBL Investments' Managing Director Tahid Ahmed Chowdhury and Chief Operating Officer Uttam Kumar Saha.