Gujarat-based Small and Medium Enterprises (SMEs) are increasingly banking on primary market to raise funds by listing their shares on SME exchanges. The state has not only witnessed the highest number of listings but also remained ahead of other states in terms of capital raised by local small companies.
Out of total 66 firms that were listed on SME exchanges operated by the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in 2016, 25 were from Gujarat followed by Maharashtra (11), Rajasthan (7) and West Bengal (4). Data compiled by Pantomath Capital Advisors shows Gujarati SMEs cumulatively mopped up Rs 234 crore-the highest among all statesby launching their initial public offers (IPOs) last year. Small firms from Maharashtra, Rajasthan, and West Bengal collected Rs. 99 crore, Rs. 42 crore and Rs. 30 crore respectively .
Some of the companies that hit primary market include India Green Reality Ltd, Riddhi Steel and Tube Ltd, Shashijit Infraprojects Ltd, Bindal Exports Ltd, Radhika Jeweltech Ltd, Sprayking Agro Equipment Ltd and Advance Syntex Ltd to name a few.
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