Promax Power is the 351st company to get listed on the BSE SME platform. The company came out with an initial public offering of 16,00,000 shares priced at Rs 10. It has raised Rs 1.60 crore from the primary market. As of 11.30 am, the stock traded at Rs 11.55, up 5 per cent from its listing price and 15.50 per cent from issue price.
Promax Power is a Punjab-based company engaged in the business of engineering procurement construction for electrification, civil infrastructure and water infrastructure management projects.
Kolkata-based Finshore Management Services Limited was the lead manager to the IPO.
The 350 companies listed on BSE SME Platform before this have raised Rs 3,720.15 crore from the market and their total market capitalization as on October 11 stood at Rs 39,807.26 crore. So far, 115 companies have migrated to the main board.
BSE claims to be the market leader in this segment with a market share of 61 percent.
