MK Footwear QIO opens tomorrow

The qualified investors offer (QIO) of MK Footwear PLC will open for subscription tomorrow (Sunday), as the SME firm seeks to raise Tk 100 million under the fixed-price method.
The export-oriented footwear maker's share subscription through the electronic subscription system of the stock exchanges will continue until 4:30pm on June 15, according to a regulatory filing.
However, only the qualified investors are allowed to submit applications for the company's shares.
Individual investors maintaining a minimum investment of Tk 2 million in the secondary market at the closing price in matured listed securities as on June 1 will also be allowed to submit applications.
As per the approval given by the Bangladesh Securities and Exchange Commission (BSEC), the company will issue 10 million ordinary shares at a face value of Tk 10 each.
The firm will raise the capital through the exchanges' SME platforms.
The footwear maker will utilise the proceeds for procurement of machinery (Tk 97.34 million) and QIO expenses (Tk 2.66 million).
According to the company's audited financial statements for the FY22, its diluted earnings per share stood at Tk 3.19 and the net asset value per share without revaluation at Tk 12.95.
The company's export turnover jumped 190 per cent year-on-year to Tk 1.26 billion in the FY22.
The company will not be able to issue stock dividend within three years of its debut on the SME platform, according to the BSEC approval.
Alpha Capital Management Ltd is working as the issue manager for the company's QIO process.
MK Footwear, which started commercial operation in 2020, is a 100 per cent export-oriented company. It exports shoes to various countries such as the Netherlands, Spain, Sweden, Switzerland, Canada, Germany and Brazil, according to QIO prospectus.
At present, the number of companies listed on the SME board is 16.
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