Lub-rref (Bangladesh) Ltd., the largest lubricating oil blending plant in Bangladesh, is poised for expansion and growth with the proceeds of its upcoming initial public offering. The company has not disclosed the amount it plans to raise.
Lub-rref Founder and CEO Mohammad Yusuf said the IPO is likely to open within the next three months.
Lub-rref would use the IPO proceeds for expansion of existing capacity and partial payment of old bank debts, Yusuf said. He added that the IPO would position the company as Bangladeshs premier lube blender.
Additional capacity would include transformer oil manufacturing, viscosity improver solubilizing and production of hydraulic, turbine and engine oils. An accredited laboratory is also planned.
Yusuf claimed Lub-rref was the first Bangladeshi organization to produce and export lubricating grease, the first to produce lithium based grease and the first to set up a lubricant recycling plant in Bangladesh.