Mumbai-based NBFC raises Rs 8.85 cr in first SME IPO

The first ever initial public offering (IPO) on the Bombay Stock Exchange (BSE) SME exchange was fully subscribed on Monday. BCB Finance, a Mumbai-based non-banking financial company (NBFC), has raised Rs 8.85 crore through the IPO. "The issue is through," said an official closely involved in the issue. BCB Finance will be the first company to be listed on the BSE’s SME platform. The fixed price issue was open between February 23 and 27. The issue price was Rs 25 per equity share. Issue size is 3,540,000 (3.54 million) equity shares or Rs 8.85 crorewith a face value of Rs 10 per equity share. The stock is expected to be listed on the BSE in a couple of weeks. Bagri family, a promoter, will reduce its stake to 69.22 per cent from 100 per cent via this issue. Aryaman Financial Services Ltd is the book running lead manager to the issue.