Kandal M Venture (FMFC) closed its initial public offering of 2 million shares priced at $4 each, raising $8 million.

Proceeds will be used partly for expanding into key geographical markets, enhancing production capacity and establishing a new design and development center, the company said Thursday in a statement.

Underwriters have a 45-day option to buy up to an additional 300,000 shares.

Kandal shares rose 3.5% to $5.56 in after-hours trading.