Listings of Capital Numbers, EMA Partners signal a quality shift in SME IPOs
Subscribe to enjoy similar stories. Capital Numbers Infotech Ltd, a Kolkata-based software development company, was listed on 27 January. Its shares debuted at ₹274 on the BSE SME platform, a 4.2% premium over the issue price ₹263.
Three days before that, on 24 January, the shares of Mumbai-headquartered EMA Partners India Ltd debuted at ₹156.5 on the NSE Emerge platform, a premium of 26.2% over the issue price ₹124. The two companies, as far apart as chalk and cheese, received an overwhelming response. Capital Numbers’ ₹169 crore initial public offering (IPO) was subscribed more than 90 times the 6.44 million shares on offer.
Its non-anchor portion of 4.61 million shares was subscribed more than 125 times. Non-institutional investors subscribed 219 times their allocated portion, while qualified institutional buyers (QIBs) subscribed 122 times their reserved quota. Retail investors subscribed 72.99 times their portion.
EMA’s ₹76 crore SME IPO, which opened for subscription on 17 January, was booked 221.1 times overall. The IPO saw bids for over 901.4 million shares against 4.08 million shares on offer. The retail segment of the IPO was booked 167.29 times on the last day.
The non-institutional investor portion was subscribed 444.42 times, and the QIB part was booked 147.69 times. However, the companies’ respective business propositions and financials are par for the course for any successful IPO, SME or otherwise. Even the sizes of their IPOs are not very special.
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