BD Paints QIO subscription starts 22 May

The qualified investor offer (QIO) subscription of BD Paints Limited will begin on 22 May and continue till 26 May.

On 12 April, the Bangladesh Securities and Exchange Commission gave permission for the company to raise Tk12 crore with a QIO on the SME board of the stock exchanges.

The company, established in 2014, will issue 1.2 crore ordinary shares at a face value of Tk10 each.

Of those funds raised, BD Paints will spend Tk1.7 crore on building construction, Tk5.5 crore on machinery installation, and Tk4.54 crore as working capital.

According to the company's audited financial statements as of 30 June 2021, its net profits stood at Tk4.83 crore, which was Tk3.13 crore the previous year.

The paint manufacturer also saw revenues increase to Tk29.38 crore in the fiscal, up from Tk23.36 crore a year ago.

Its earnings per share stood at Tk0.97 and net asset value per share was Tk15.94 at the end of the fiscal.

CAPM Advisory Limited and Prime Bank Investment Limited are the issue managers for the company.

BD Paints will not be able to issue bonus shares within three years of its debut on the SME platform.