BSE’s upcoming platform for small and medium enterprises, BSE SME, has got its 45th stock listed today – that of Mumbai-based Suyog Telematics Ltd.
Suyog had raised Rs 4.53 crore in its IPO at 25 per share on January 7.
The stock listed today, and will be traded at a lot size of 6,000 shares, BSE said.
BSE SME is a stock exchange meant for very small companies who do not want to incur the expenses of listing on the main exchange. BSE is India’s second biggest exchange, and keen to tap the ‘alternate’ stock market concept.
The alternate stock market concept is quite popular in countries like Britain, Canada and Australia. Till now, most small Indian companies approached the Alternative Investment Market or AIM of the London Stock Exchange.
The advantage of such markets, besides being cheap, is the lower regulatory requirements. As such, investments in such stocks is considered riskier.
Today, 25 out of the 45 companies were traded on the exchange, which was launched about 9 months ago.
Suyog Telematics Limited is a Mumbai based company engaged primarily in the business of installing and commissioning of Poles, Towers and Optical Fiber cable (“OFC”) and related assets. They are also in the business of providing these passive infrastructure assets on a shared basis to wireless and other communications service providers
“The response (to the exchange) since launch has been very positive,” BSE said in a statement.
Six companies, including Finshore Management Services Ltd, Ekdant India Limited and Oceanaa Biotek Industries Limited, have filed draft prospectus to list on the BSE SME platform and are awaiting regulatory approval.