Majestic Research sets FPO price band at Rs 106-114

BSE-SME listed Majestic Research Services and Solutions Ltd has priced its follow-on public offer at a price band of Rs 106-114 to raise Rs 10 crore through book-built issue.
The company has received nod from the Registrar of Companies along with all necessary approvals for the FPO, following which the issue will open tomorrow and closes on December 5.
The proceeds of the offer will be deployed in funding working capital requirements, among others. The company has a wide range of offerings such as eye tracking, mobile analytics, video analysis, facial recognition, digital tracking, online communities, neuroscience, automated audience measurement and sensory sciences, a company statement said.

The company, which got listed on the SME platform in July 2015, will achieve the distinction of being the first company on the SME platform to come up with a follow-on offer.
In June last year, the company had offered 11,20,000 shares of the face value of Rs 10 at an issue price of Rs 12.75 each to raise Rs 1,42,80,000.
For the six months to September 30, the company reported 118.7 per cent growth in net profit at Rs 1.69 crore over the same period last year, driven by increased spending by fast moving consumer goods companies.

Revenue for the first half ended September rose to Rs 9.47 crore, up 75.6 per cent year on year.

For 2015-16, the company had posted a net profit of Rs 1.9 crore on revenue of Rs 11.13 crore with earnings per share of Rs 5.
Pantomath Capital Advisors is the lead manager of the issue.