Listed food and accessories sector company Taufika Foods & Lavello Ice Cream Plc has completed utilization of Tk. 30 crore raised through initial public offer.

According to sources, the money raised from the IPO has been spent on acquisition of plant and machinery, purchase of freezers, purchase of vehicles, increasing investment in depots, IPO expenses and bank loans as mentioned in the prospectus. Due to the proper use of the funds raised from the IPO, Lovello’s production has increased significantly and will reap more benefits in the future.

Note that Lovello was listed on the stock market in 2021. The company has already declared a dividend of 11 percent in 2021, 12 percent in 2022, 10 percent in 2023 and lastly 20 percent in 2024.

Meanwhile, the company has announced to set up the 2nd unit of ice cream production by investing 150 crore Taka. The product of the second unit is expected to hit the market in June. It is said that through this the production will be doubled and Lovello’s market share will increase significantly.

This information is known from company sources.