Small business IPO: Dairy product maker ICL opens public issue; looks to raise this much

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Published: January 31, 2020 4:35:38 PM

Credit and Finance for MSMEs: The initial public offer (IPO) of the dairy product small business ICL Organic Dairy Product opened for subscription on Friday.

Stock Market: BSE Sensex, nse nifty updatesBSE SME platform launched in March 2012 has so far 314 SMEs listed. Image: PTI

Credit and Finance for MSMEs: The initial public offer (IPO) of the dairy product small business ICL Organic Dairy Product opened for subscription on Friday to raise up to Rs 4.08 crore. The issue offers 20,40,000 shares of the face value of Rs 10 each. “These scrips will be issued at Rs. 20 per share,” the Noida-based company said in a statement announcing the IPO. The issue will close on February 4. “We have plans to expand our business to more states with this IPO. We are thrilled to be one of the first companies in the organic dairy industry to be listed on the SME platform of BSE Limited,” AK Gola, Director, ICL told Financial Express Online.

Finshore Management Services was the Lead Manager for this issue. ICL was founded in 2013 and currently has a presence in four states where procurement, processing, and packaging of milk and milk products are carried out. The company has 11 processing plants and 65 milk chilling centres. ICL’s milk and other products are available in nine states.

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BSE SME platform launched in March 2012 has so far 314 SMEs listed with a combined market cap of Rs 18,200 crore. These SMEs have raised Rs 3,278 crore so far. The platform in October last year was expecting around 40 to file their prospectus by the end of the current financial year. “By March end we are expecting another 40-45 SMEs to file their prospectus while 60 companies have already filed it and are in line to get listed even as it depends on how the market behaves,” Thakur told Financial Express Online. The number of listed SMEs till around mid-October last year was 312.

Last year, BSE had amended the criteria for migration to the mainboard for SMEs. The post-issue capital was fixed to be more than Rs 10 crore while the market cap required was at least Rs 25 crore. Also, the company or its directors or promoters should not have been debarred by the Securities and Exchange Board of India.

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