IPO lottery of Fortune Shoes today

Dhaka,  Monday,   2016-09-20
Published : 20 Sep 2016, 21:41:24

IPO lottery of Fortune Shoes today

FE Report

The initial public offering (IPO) lottery of Fortune Shoes will be held today (Wednesday) for allocating 22 million ordinary shares among successful applicants, officials said.

The lottery will be held at 10:30am at the Institution of Engineers, Bangladesh (IEB) in Dhaka.

After the lottery, the result will be published on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.

"All concerned are hereby informed that the IPO lottery programme of Fortune Shoes will be conducted today (Wednesday) at 10:30am at Institution of Engineers, Bangladesh (IEB)," said an announcement posted on the CSE website on Tuesday.

Fortune Shoes, which received regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC) on June 29, floated 22 million ordinary shares of Tk 10 each and raised Tk 220 million from members of the 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 Tk 9.24 billion against public issue of Tk 220 million.

The company will use the fund from the initial public offering to purchase machinery and equipment, construct a building and meet IPO expenses.

The company's weighted average earnings per share (EPS) stood at Tk 1.22 with a net asset value (NAV) per share of Tk 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.

After listing, Fortune Shoes will be the sixth company under tannery industries category, which accounts for less than 1.0 per cent of total market capitalisation of DSE.

Editor : A.H.M Moazzem Hossain
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