Shoeniverse Footwear eyes Tk 100cr IPO

Shoeniverse Footwear Limited, an export-oriented footwear manufacturer, plans to raise Tk 100 crore through an initial public offering (IPO) by offloading shares in the capital market.

The company entered into an issue management agreement with LankaBangla Investments PLC last week, according to a press release. Riad Mahmud, managing director of Shoeniverse Footwear Limited, and Iftekhar Alam, chief executive officer of LankaBangla Investments PLC, signed the agreement.

The company will raise the funds through the book-building method. It plans to use the IPO proceeds to expand its business and repay bank loans.

Founded in 2017 and based in Mymensingh, Shoeniverse Footwear Limited is a green, export-oriented manufacturer of synthetic footwear, with a modern production facility spanning approximately 231,718 square feet and a workforce of more than 2,700 employees.

The company produces a diverse range of synthetic footwear for international markets, with a strong emphasis on innovation and sustainable manufacturing.

Shoeniverse is currently pursuing a major capacity expansion programme aimed at increasing production and strengthening its export competitiveness in response to growing global demand.

Subject to regulatory approval from the Bangladesh Securities and Exchange Commission (BSEC), the proposed IPO is expected to support Shoeniverse Footwear’s future growth ambitions, accelerate its ongoing expansion programme, and further strengthen its position in Bangladesh’s fast-growing footwear export sector.