Majestic Research Services FPO to open on Nov 28

Encouraged by good response to SME public offfer, digital market research firm Majestic Research Services and Solutions Ltd is coming out with a FPO, which will be open for subscription from November 28.
The company, which got listed on the SME platform in July 2015, will achieve the distinction of being the first company on BSE-SME platform to come up with a follow-on-public offer (FPO).
Besides, public issues of several SMEs have been gaining traction among investors and are getting subscribed multiple times. Moreover, mutual funds, banks and brokerages have started showing interest in the public offer of quality SMEs.

As per the draft prospectus filed with BSE, Majestic Research Services and Solutions has received approval from the bourse to raise up to Rs 10 crore. The FPO will open on November 28 and close on December 5
The proceeds of the FPO will be utilised for purchase of new corporate office and working capital requirements, among others.
Pantomath Capital Advisors is the lead manager to the issue.

In June last year, the company had offered 11,20,000 equity shares of face value of Rs 10 at an issue price of Rs 12.75 each to raise Rs 1,42,80,000 crore.
Majestic Research scrip has been hovering at around Rs 150 after having touched a 52-week high of Rs 165 earlier this month.

The company offers a wide range of qualitative and quantitative research services, both nationally and internationally, specialising in planning, execution and proactive field management for multi-phased and multi-location projects.