Spurred
by investor interest, 132 small and medium enterprises (SMEs) raised
a record Rs 1,785 crore through IPOs in 2017, which was more than
three times the funds raised in the preceding year. Funds raised were
used for business expansion plans, working capital requirements and
other general corporate purposes. A total of 132 SMEs got listed with
initial public offers (IPOs) worth Rs 1,785 crore last year as
compared to 66 firms garnering Rs 540 crore in 2016 through the
route, according to a data compiled by Pantomath Research. Besides,
2017 witnessed more fund-raising than aggregate capital garnered in
past five years cumulatively. Overall, the firms had mopped up Rs
1,315 crore in last five years. Together, these 132 firms have a
market capitalisation of more than Rs 30,000 crore. "The year
2017 has been pinnacle in SME capital market and we expect this trend
to continue in 2018 as well," said Mahavir Lunawat Group
Managing Director at Pantomath Advisory Services Group. Besides,
average initial share-sale offers have shot up to Rs 13.42 crore last
year from Rs 8.18 crore in 2016. The IPO chart in the year is led by
Zota Healthcare that raised Rs 58.50 crore, followed by Euro India
Fresh Foods Ltd, which mopped up Rs 51.26 crore. Geographically,
Gujarat continued to dominate the IPO space by contributing 51 firms
on SME bourses, followed by Maharashtra (39), Madhya Pradesh (11),
Delhi (8), Rajasthan (6), Telangana (4), West Bengal (3) and two
companies each got listed from Andhra Pradesh and Punjab. The
companies which got listed during the period under review represent
diverse industry base such as media and entertainment, manufacturing,
textiles, engineering, finance, chemicals, agriculture, food
processing and construction. "Some of the marque investors also
participated in SME IPOs at pre-listing and post-listing stage. This
clearly shows SME investing is gaining popularity day by day,"
he added. The year 2017 also reaped bumper returns to investors. Out
of 132 companies listed in 2017, 39 closed at 20 per cent upper
circuit limit on the first day of listing. Further, robust response
from investors has been received in terms of subscriptions with five
IPOs getting subscribed more than 100 times the issue size. In terms
of value, top five initial share-sale offers garnered Rs 18,629 crore
subscriptions from the investors. BSE and NSE launched SME platforms
in March 2012, becoming the only two bourses to offer such a segment
in the country. Since then, around 329 companies have got listed on
these platforms. Further, SME indices outperformed broader markets in
2017. The secondary market witnessed 89 per cent growth of BSE SME
index and 67 per cent surge in Nifty SME. In comparison, the broader
indices - Sensex and Nifty 50 - climbed 27 per cent and 28 per cent,
respectively.
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