Majestic Research Services FPO over-subscribed 1.54 times

BSE-SME listed Majestic Research Services and Solutions' follow-on public offer of 943,200 shares at a price band of Rs 106-114 to raise Rs 10 crore has been over-subscribed 1.54 times.
The FPO, which opened on Monday (November 28), closed today.
"We are delighted that even in this challenging environment the MRSS FPO -- first ever on the SME exchange -- got oversubscribed by 1.54 times. That reflects the good fundamentals and stakeholders' confidence in our growth story," MRSSIndia.Com Chairman Raj Sharma said.
MRSS India is India's first and only listed market research company. It has a wide range of offerings such as eye tracking, mobile analytics, video analysis and digital tracking, among others.

The company got listed on BSE's SME platform on July 16, 2015.
In June last year, the company had offered 11,20,000 equity shares of the face value of Rs 10 at an issue price of Rs 12.75 each to raise Rs 1.42 crore.

For the six-month period ended September 2016, the company reported 118.7 per cent growth in net profit at Rs 1.69 crore over the corresponding period last year, driven by increased spending by FMCG companies. Revenue for the first half period rose to Rs 9.47 crore, up 75.6 per cent y-o-y.
For the year-ended March 31, 2016, the company posted a net profit of Rs 1.9 crore on revenue of Rs 11.13 crore with earnings per share of Rs 5.

Pantomath Capital Advisors Private Ltd is the lead manager to the issue.