Momai Apparels – an emerging star on NSE SME
The biggest SME IPO of Momai Apparels from Valentine group that collected over Rs. 43.30 crore by way of maiden offer got listed on NSE SME Emerge platform on 16.10.14. The shares that were allotted at a price of Rs. 78 against price band of Rs. 78-90 opened at Rs. 78 marked the high of Rs. 82 and closed at Rs. 79.70 with a closing at a premium above offer price on debut day.
Caption: From Left to Right Mr Dinesh Sodha ED-Momai Apparel, Mr Harshad Thakkar – CMD- Momai, Mrs Harshad Thakkar, Mr Mahavir Lunawat- CMD Pantomath group
The issue that created a record of oversubscription to the tune of 1.84 times attracting over 2800 applications also created new milestone of biggest volume on debut day. On NSE SME Emerge it clocked in total average volume of Rs. 8 crore day and thus established new records surpassing many main line counters. Details of two day’s trade for the week ended 17.10.14 are as under:
Date Open High Low Close No. of shares No of Trades Volume in Rs. Crore
16.10.14 78 82 78 79.25 990400 619 7.99
17.10.14 80 85.70 80 84.85 995200 622 8.35
According to market circles, many retail investors who did not get allotment have rushed in to buy the shares and investment brokers have chased the counter for their HNI clients. Thus the scrip is finding its way in long-term investors’ portfolio. The issue got rating of “CARE SME Fundamental 4” indicating very good fundamentals. The issue was lead managed by Pantomath Capital Advisors Pvt Ltd. and registrar to the issue was Link Intime India Pvt Ltd.
Dilip Davda
SEBI registered Research Analyst
Mumbai
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