The sponsors of National Polymer Industries PLC (Npoly), a company listed on the country’s capital market, are planning to bring another group company to the stock market through an initial public offering (IPO).
The company, Suniverse Footwear Limited, aims to raise Tk 100 crore by offering shares to the public.
To facilitate the IPO process, Suniverse Footwear has appointed LankaBangla Investments PLC as the issue manager. The agreement was recently signed by Suniverse Footwear Managing Director Riad Mahmud and LankaBangla Investments Chief Executive Officer Iftekhar Alam.
Established in 2017, Suniverse Footwear is an export-oriented manufacturer of synthetic footwear. Its factory, located in Mymensingh, has a monthly production capacity of around 350,000 pairs of shoes and employs more than 2,700 workers across a facility spanning approximately 231,718 square feet.
According to company sources, Suniverse Footwear records annual sales of around Tk 327 crore.
The company said it places strong emphasis on environmentally sustainable manufacturing and operates an Effluent Treatment Plant (ETP) for waste management. It also provides a medical centre, daycare facilities, a training centre and a canteen for its employees.
As part of its expansion strategy, the company is implementing a major capacity enhancement programme aimed at meeting growing global demand for footwear and strengthening its export capability.
Its product portfolio includes synthetic sports shoes, athletic shoes, running shoes, trekking shoes, casual footwear, ladies’ shoes, sandals and Chelsea boots.
According to the company’s website, its international buyers include Zara, Fila, Carrefour, Redtape, Deichmann, Kappa and Marks & Spencer (M&S).
National Polymer Industries, the flagship company of the group’s sponsors, was listed on the stock exchanges in 1993. The manufacturer of polymer pipes and fittings has a paid-up capital of Tk 72.98 crore, with sponsors holding 32 percent of its total shares. The company reported earnings per share (EPS) of Tk 0.07 in its latest financial year.
