The BSE SME exchange went live on Tuesday with its first listing of BCB Finance. The stock, which opened at a premium of eight per cent, ended the day at Rs 25.70 on the BSE SME exchange against the IPO price of Rs 25. The day's high was Rs 27 and the total traded value was Rs 71 lakh.
IKAB Securities, designated market marker for BCB Finance, bought 2.04 lakh shares through bulk deal. However, exchange did not disclose the seller's name.
Speaking at the launch, Mr Rajeev Agarwal, Whole Time Member — SEBI, said that there were many relaxations in the procedures of listing for SMEs. Exchanges will have to see that it is not misused. Investor protection is the prime concern, he said.
“We have requested SIDBI to take equity positions in any new issues that are coming up in the market and to work as a merchant banker. We hope they will agree to take up both the roles. It would be a very limited intervention but this is with the view to show that the Government and the stakeholders want to make it a success,” said Mr R.K. Mathur, Secretary, Micro Small and Medium Enterprises, Government of India.
NSE launch
Meanwhile, the NSE launched its SME platform ‘Emerge' on Tuesday. According to NSE, a Chennai-based light engineering and solutions provider Thejo Engineering Ltd has already submitted its draft redherring prospectus for Emerge.
“We have received their DRHP today and will try to get the company listed on the SME platform within this month. The details should be up on the Web site by tomorrow,” said Mr Ravi Tyagi of NSE SME Project.
Issuers may opt for either call auction or continuous market, depending on their preference. Aplications from around 9-10 companies in the next two quarters are expected, said NSE officials.
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