Maheshwari Logistics debuts on NSE's Emerge platform

Maheshwari Logistics, which garnered a whopping subscription of Rs 123 crore in its IPO, today made its debut on the NSE's Emerge platform at Rs 71.80 per share.
The company's shares listed at a premium of 5.6 per cent at Rs 71.80 apiece against the issue price of Rs 68. It finally settled at Rs 76.35 a share.
The firm had garnered a subscription of Rs 123 crore, the second highest subscription received by an SME IPO. The issue was subscribed 4.53 times of total shares offered and had witnessed huge participation of both retail and non-retail investors, including corporates and HNIs.

Prior to that, SME IPO of Agro Phos India was over subscribed more than 17 times and garnered record break subscription of Rs 200 crore, while Madhya Bharat Agro Products witnessed a subscription of Rs 103 crore.
Maheshwari Logistics came with a public offering of 39,96,000 equity shares at a price of Rs 68 per equity share.
"Bigger and growing SMEs continue to repose confidence in the markets and Maheshwari Logistics has been the biggest company to list on small and medium enterprise (SME) exchange for 2016-17," Pantomath Advisory Service Group Managing Director Mahavir Lunawat said in a statement.

"Recently completed IPOs have received over-whelming response in both primary and secondary markets, which is quite encouraging. In past, it is proven that SME companies give good return on investment. This is one of the major reasons behind increasing participation of investors," he added.

The Vapi-based company is engaged in providing logistics services, supply of non-coking coal, manufacturing of kraft paper and trading in a variety of papers.
The SME capital market platform was launched in 2012 by BSE and NSE. Since then, 197 companies have been listed on Indian SME bourses.