The Bangladesh Securities and Exchange Commission on Wednesday approved a Tk 22-crore initial public offering of Fortune Shoes Limited. Fortune Shoes will float its 2.20 crore ordinary shares at an issue price of Tk 10 each under the fixed price method. The company will use its IPO proceeds for the construction of building, purchasing machinery and to meet IPO expenses. The approval came from a commission meeting presided over by BSEC chairman M Khairul Hossain, a BSEC news release said on Wednesday.As per the entity’s financial statement for nine months ended on February 29, 2016, earnings per share for the period were Tk 1.22 and net asset value per share Tk 13.75. Imperial Capital and Prime Bank Investment are the issue managers of the Fortune Shoes’ IPO. Once IPO is completed, Fortune will be the third footwear company to be listed with the bourses with Bata and Apex.
