Manomay Tex India Ltd (MTIL) will be listing soon on the BSE SME platform. The BSE SME IPO will open for subscription on March 15, 2017 and will close for subscription on Mar 20, 2017.

MTIL is engaged in manufacturing and sale of denim fabrics with a national presence and exposure to international markets under the brand ‘Manomay.’

The company is also focusing on suiting fabrics market segment.

MTIL is tapping the primary markets to finance its working capital requirements and general corpus fund needs.

The company will come out with its maiden IPO of 3804000 equity shares with face value of Rs 10 each.

Book building approach will be adopted for discovering the IPO price and the price band will be Rs 27 to Rs 30 per share. In total Rs 11.41 crore is expected to be raised on the higher price band.

In line with the SME guidelines which does not promote smaller lot sizes for the SME IPOs , the minimum application will be for 4000 shares and in multiples thereon.

SME IPOs have been extremely attractive investment option for those with a risk appetite and superior understanding of financial markets.

Source: IIFL