Four SME IPOs to hit capital markets

Riding on the upbeat market sentiment, four companies will come out with initial public offerings (IPOs) to raise about Rs 26 crore and get listed on the BSE exchange’s small and medium enterprises platform. Ruby Cables, Franklin Leasing and Finance launched their initial share-sale programmes on March 29, while that of Raghav Ramming Mass and Sysco Industries will open on March 31.

The public offer of Raghav Ramming Mass will close on April 6, while that of the other three firms will close on April 5.

Shares of these companies will be listed on BSE’s SME platform, as per the prospectus.

According to their draft papers, Raghav Ramming will mop-up Rs 7.49 crore through its IPO, Ruby Cables Rs 10.01 crore, Franklin Leasing Rs 6.34 crore and Sysco Industries Rs 2.17 crore.

Apart from these four, the IPO of Nintec Systems is currently underway. Besides, six companies have already launched their initial share-sale plans in March.

Proceeds of the issues would be utilised for expansion plans, working capital requirements and for other general corporate purposes.

BSE and National Stock Exchange (NSE) had launched their SME platforms in March 2012. The platforms provide opportunity to SME entrepreneurs to raise equity capital for growth and expansion.

Source: Business Standard