Ahmedabad, India, 11th November 2022, ZEXPRWIRE, Fashion brand Mafia Trends on Thursday became the 394th company to list on the BSE platform for small businesses BSE SME. Mafia Trends had come out with an initial public offering of 12,84,000 equity shares of Rs 10 each for cash at a price of Rs 28 per equity share, aggregating to Rs 3.60 crore, BSE said in a statement on Thursday.
The company successfully completed its public issue on September 27, 2022. Ahmedabad-based Mafia Trends is engaged in the business of marketing and selling fashion apparel for men including jeans, t-shirts, shirts, chinos, formal trousers and formal shirts. Ahmedabad-based GYR Capital Advisors was the lead manager to Mafia Trends.
So far, 152 companies have migrated to the main board BSE from BSE SME. 393 companies have listed on the SME platform so far and raised Rs 4,259.41 crore from the market, said BSE. The total market capitalization of these companies as on October 4, 2022, was Rs 60,000 crore.
Markets regulator SEBI had come out with detailed guidelines on May 18 2010 for launching the SME platform. “BSE became the first stock exchange to get approval from SEBI and launch its SME platform on 13th March 2012. The response since the launch of this platform by BSE has been very positive to date,” it said in the statement.
According to a PTI report, the strong performance of past IPO has spurred investors’ interest, with 87 SMEs garnering Rs 1,460 crore through initial share sales in the first nine months of the year. This was higher than 56 companies that raised Rs 783 crore through IPO in the entire of 2021, as per the industry data.
The 87 companies which went for IPO belonged to different sectors including IT, automotive components, pharma, infrastructure and hospitality, and jewellery. During September, 29 SMEs hit the primary market despite volatility in the secondary market vis-a-vis nine in the preceding month, the report said.