MK Footwear allocates 361 shares to investors
Each eligible investor has been allotted 361 shares of MK Footwear PLC through the qualified investor offer (QIO). These shares were allotted at a subscription fee of Tk200,000.
The Dhaka Stock Exchange received applications worth Tk553.66 crore from eligible investors against the Tk10 crore QIO, which indicates an oversubscription of 55.37 times for each share.
The QIO subscription period for the shoe manufacturer took place between 11 June and 15 June of this year.
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The Bangladesh Securities and Exchange Commission (BSEC) had previously granted permission to MK Footwear to raise Tk10 crore from the SME platform through the QIO.
As part of the QIO, the company will issue 1 crore shares with a face value of Tk10 each and utilize the funds for machinery purchases.
Alpha Capital Management Limited is serving as the issue manager and underwriter for MK Footwear's QIO.
MK Footwear PLC was established in November 2015 and specialises in the production and export of leather and synthetic footwear.
During the first three years following its listing in the stock market, the company will not be able to declare any stock dividends.
In the fiscal year 2021-2022, the company recorded a revenue of Tk126.88 crore, compared to Tk43.55 crore in the same period the previous year. Its net profit for the year was Tk10.31 crore, an increase from Tk1.08 crore in FY21.
The earnings per share of the company stood at Tk3.90, and the net asset value per share was Tk12.95 without revaluation.
MK Footwear PLC has retained earnings of Tk11.16 crore, and its total loan amounts to Tk125 crore.
Noor Mohammed serves as the managing director of MK Footwear and is also the chairman of Moynakuti Agro Industries Limited.
