Fortune Shoes to allocate 22m ordinary shares

Dhaka,  Monday,   2016-09-21
Published : 21 Sep 2016, 21:45:35

Fortune Shoes to allocate 22m ordinary shares

FE Report


Fortune Shoes will allocate 22 million ordinary shares among successful applicants as the lottery of initial public offering (IPO) was held Wednesday, officials said.

The lottery was held at the Institution of Engineers, Bangladesh (IEB) in Dhaka. The IPO result is available on the websites of Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE) and the company.

Md. Mizanur Rahman, chairman of the Fortune Shoes inaugurated the lottery programmee, where Mrs. Rokshana Rahman, managing director of the company, representatives of stock exchanges, issue managers and Central Depository Bangladesh Limited (CDBL) were present, among others.

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 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 IPO expenses.

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