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In terms of listing on the small and medium enterprises (SME) platforms of the BSE exchange and the National Stock Exchange (NSE), Maharashtra is ahead of Gujarat.
So far, 114 companies from across India have been listed on the SME platforms of both BSE and NSE, raising a combined Rs 945 crore through Initial Public Offering (IPO) in three years. Of these, Maharashtra-based ones raised Rs 347 crore; those from Gujarat, Rs 193 crore. Delhi is close behind Gujarat, at Rs 192 crore.
"At the time of the platform's launch in India, responses from Maharashtra-based companies were higher, as it was easy for merchant bankers to approach them. Yet, the fact is also that companies in Gujarat have equal or better understanding of the stock market and capital raising dynamics than any other state," said Mahavir Lunawat, managing director of Pantomath Capital Advisors, a merchant banking firm for SMEs.
More, say experts, merchant bankers were earlier not so interested in tapping SMEs. The trend is changing. "The approach of merchant bankers had played a major role in Maharashtra getting ahead of Gujarat, as most of them mostly approached Maharashtra-based companies, given the proximity within the state. This is why Maharashtra has seen a higher rate of listing compared to Gujarat," said Gaurav Jain, director of Hem Securities.
However, in recent month, this has also been changing and Gujarat-based entities have shown interest in getting listed on the SME platforms of both major bourses. The success stories of some local listed companies have also played a role in changing the earlier mindsets.
| Issue Size | ||||||
| (Ra in crore) | Numbers of Companies | |||||
| State | BSE | NSE | Total | BSE | NSE | Total |
| Maharashtra | 238.71 | 108.56 | 347.27 | 32 | 5 | 37 |
| Gujarat | 185.5 | 7.87 | 193.37 | 20 | 1 | 21 |
| Delhi | 187.47 | 4.32 | 191.79 | 23 | 1 | 24 |
| West Bengal | 97.81 | - | 97.81 | 13 | 0 | 13 |
| Tamil Nadu | 17.26 | 19.01 | 36.27 | 5 | 1 | 6 |
| Rajasthan | 20.13 | - | 20.13 | 4 | 0 | 4 |
| Karnataka | 8.32 | - | 8.32 | 4 | 0 | 4 |
| Uttar Pradesh | 9.51 | - | 9.51 | 3 | 0 | 3 |
| Dadra & Nagar Haveli | 25.78 | - | 25.78 | 1 | 0 | 1 |
| Punjab | 14.99 | - | 14.99 | 1 | 0 | 1 |
| Grand Total | 805.49 | 139.76 | 945.25 | 106 | 8 | 114 |
| Source: Pantomath Capital Advisors | ||||||
Ajay Thakur, head of the BSE SME platform, says: "The interest to get listed on the SME platform from Gujarat has increased and that in Maharashtra is going down."
