Mumbai, Maharashtra, India
Momai Apparels Ltd.’s Rs. 43.33 crore IPO, which came up during 25th to 30th September 2014 was oversubscribed by 1.84 times. It was biggest SME IPO for NSE Emerge Listing. The shares of the company got listed on NSE SME window on 16th October 2014. A grand listing ceremony organized at the National Stock Exchange (NSE), which was presided over by Ms. Chitra Ramkrishna – MD & CEO of NSE. Mr. Harshad Thakkar-CMD of Momai Apparels Ltd. and Mr. Mahavir Lunawat –MD of Pantomath Capital Advisory Pvt. Ltd.(the Sole Book Running Lead Manager to the issue) shared the dais.
The Company raised Rs. 43.33 crore out of which Rs. 13 crore were raised as Pre-IPO placement. The subscription of remaining public issue portion of Rs. 30 crore closed on October 30, 2014, pursuant to which a fresh issue of 38,46,400 Equity Shares was made at a price of Rs. 78 per share including a premium of Rs. 68 per share (face value of Rs. 10 per share) discovered in accordance with the book building process. The net issue to the public constitute 25.15% of the post issue paid up equity share capital of the company.
Notably, the IPO received record participation with more than 2800 applications from retail & HNI investors. The issue was subscribed by 1.84 times. This is the best performance of any IPO on SME Exchanges.
About Momai Apparels Ltd.
Momai Apparels Ltd, a Mumbai based company, is engaged in the business of manufacturing of intimate garments (such as loungewear, bathrobes, nightwear, sportswear & women’s innerwear). Incorporated in 2010, the company is a subsidiary of Ashapura Intimates Fashion Ltd. (AIFL). The company has its manufacturing facilities located at Bhiwandi. The company’s close proximity to the warehousing facilities of AIFL provides them unmatched edge over other suppliers as far as supply of garments to AIFL is concerned. Momai plans to put up new manufacturing facility with production capacity increased by more than 5 times in Gujarat.
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