Jaipur : Bhilwara-based Madhya Bharat Agro Products Limited plans to open its Initial Public Offer (IPO) on August 29. 2016. The company plans to raise Rs.13.84 Crores through the issuance of 57,90,000 equity shares of face value of Rs. 10.00 each and the Issue price is Rs. 24.00 each. The Company plans to list its shares on NSE EMERGE Platform. This IPO is lead managed by Hem Securities Limited, the leading Merchant Banker in the SME IPO segment. The IPO will close on September 02, 2016.
Madhya Bharat Agro Products Ltd manufactures of Single Super Phosphate (SSP), Beneficiated Rock Phosphate (BRP) and Sulphuric Acid and is a part of Ostwal Group of Industries. The profits after tax of the company in FY ‘16 were Rs. 9.45 Cr. and the net-worth of the company is about Rs. 90 Cr which is among the highest in all companies listed on the SME Platform. Commenting on the Offer, Gaurav Jain, Director, Hem Securities said, “Through its listing on SME platform. Madhya Bharat Agro Products Limited aims to get visibility and new stakeholders thus encouraging to work more prudently, ensure better corporate governance, add transparency and scale newer heights”.
