FM Plastic Industries PLC has withdrawn its application for a qualified investor offer (QIO) to go public in response to the current economic crisis. The company initially sought to raise Tk 5 crore for business expansion through a QIO. It intended to issue 50 lakh shares at Tk 10 each to eligible investors under the BSEC (Qualified Investor Offer by Small Capital Companies) Rules, 2018.
FM Plastic Industries is a leading producer of disposable plastic and food-grade products, including cups, plates, lids, bowls, boxes, trays, blister packaging, and face masks. The company holds the largest market share in the biscuit tray segment in Bangladesh. As of March 31, FY23, its revenue reached Tk 22.2 crore for the first nine months, with a net profit of Tk 1.9 crore. The company’s net asset value per share and earnings per share for July-March 2022-23 were Tk 13.03 and Tk 0.89, respectively.