BRB Cable Industries Limited, one of Bangladesh’s leading electrical cable manufacturers, has formally begun the process of entering the capital market through an initial public offering (IPO).

The company plans to raise capital by offering shares to the public, according to officials involved in the process.

To manage the IPO activities, BRB Cable has appointed ICB Capital Management Limited (ICML) as its advisory and issue management partner. A formal agreement between the two companies was signed on Sunday at BRB Cable’s headquarters and manufacturing facility in Kushtia.

Senior officials from both organisations attended the signing ceremony, including BRB Cable’s chairman and top executives. ICML was represented by its Chief Executive Officer Majeda Khatun, Additional CEO Mallik Rowshan Alam and other senior officials.

However, the amount of capital to be raised through the IPO has not yet been finalised.

Sources at ICB Capital Management said the size of the offering would be determined after reviewing the company’s financial statements and relevant documents.

Currently, two cable manufacturing companies are listed on Bangladesh’s stock market Eastern Cables Limited and BBS Cables Limited.