Dhaka, Bangladesh (BBN) – Fortune Shoes Limited (FSL) will make its share trading debut on Thursday (October 20) on the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) under ‘N’ category, officials said.
Fortune Shoes, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC), will be the sixth company under tannery industries category, accounting for less than 1.0 percent of total market capitalisation of DSE.
The BSEC approved the IPO proposal of the company on June 29, which floated 22 million ordinary shares of BDT 10 each and raised BDT 220 million from public using fixed price method.
IPO subscription of the shoe and footwear manufacturer was held between August 16 and August 28 for resident and non-resident Bangladeshis.
The company’s IPO subscription hit about 42 times high as the company received around BDT 9.24 billion against public issue of BDT 220 million.
The company will use the fund from the initial public offering to purchase machinery and equipment, construct a building and IPO expenses.
The company’s weighted average earnings per share (EPS) stood at BDT 1.22 with a net asset value (NAV) per share of BDT 13.75 in nine months till February this year.
Imperial Capital and Prime Bank Investment are jointly managing the IPO of Fortune Shoes.
Fortune Shoes, which started commercial operation on September 07, 2011, is engaged in manufacturing and exporting all kinds of leather shoes and footwear, according to the company website.
It exports footwear products to Germany, the Netherlands, France, Taiwan, the UK and China.