Excelsior Correspondent
JAMMU, Mar 16: Sarveshwar Foods Limited, a J&K firm engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice in the domestic and international markets, was listed today on National Stock Exchange’s (NSE’s) platform for small and medium enterprises.
The issue price was Rs 85 and the company raised Rs 55 crore via the IPO. Jammu & Kashmir-based Sarveshwar Foods today became the first small and medium enterprise (SME) from the State to make its debut on the capital market by getting listed on the National Stock Exchange.
The issue was subscribed 1.56 times. The Retail investor portion was subscribed 1.85 times, while Non-Retail investor portion was subscribed 1.30 times. Keynote Corporate Services Limited, Small Industrial Development Bank of India, Indian Overseas Bank and Asit C Mehta Investment Interrmediates Limited was the book running lead manager to the offer.
Sarveshwar Foods Limited is the first company from private sector and only the second company from the State to get listed after Jammu & Kashmir Bank Limited to attain “listed status”. “The listing of an SME from J&K is an important breakthrough for NSE Emerge platform, as it is reflective of our robust market development initiatives, as also the need for small businesses, wherever they are located, to tap more organized form of capital,” NSE chief business development officer Ravi Varanasi said.
With more than 80 listing in the current fiscal year, the stock exchange has a healthy pipeline for the next few months also. NSE Emerge provides a platform to raise funds for SMEs on a growth path, as they are not large enough to list on the main board. As per the NSE; the listed companies on NSE Emerge have together raised funds amounting to about Rs 1,800 crore.
Commenting on the occasion, Rohit Gupta, MD, Sarveshwar Foods Limited said, “It is a matter of honour for us to be a part of the NSE Emerge platform. We believe that while a company from J&K has entered the listed space after two decades, the development has already set the ball rolling for others from the State to initiate the process of listing.”
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