RAK Ceramics in record $258.6m Bangladesh IPO subscriptions

RAK Ceramics, one of the world's leading ceramics manufacturers, Sunday said it has received collections of more than $258.6 million (Dh949 million) in an initial public offering by its Bangladesh subsidiary, setting a record for IPO collections in the country.

"We went for the IPO due to the government's regulation. As per the Bangladesh Government's rule, we have to go public once the turn-over hits a certain level," Dr. Khater Massa'ad, CEO of RAK Ceramics, told Gulf News.

"We will utilise the money to repay debts and enhance our market share."