Momai Apparels files draft paper for IPO

Momai Apparels has filed initial papers with National Stock Exchange's SME platform to raise Rs 41 crore through an initial public offer (IPO).
This is the biggest IPO filed on Indian SME (small and medium enterprise) exchanges so far.
Out of the total Rs 41 crore, the company contemplates to raise about Rs 13 crore as pre-IPO placement.
Pantomath Capital Advisors is managing the issue for Momai Apparels.
"Momai Apparels has filed a draft red herring prospectus (DRHP) with SME platform of NSE. The company proposes to come out with an IPO of approximately Rs 41 crore at NSE Emerge through book building route," Pantomath Capital Advisors said in a statement.

The proceeds of the issue would be utilised for acquisition of land for new manufacturing facility, long term working capital requirements and general corporate purpose.

Mumbai-based Momai Apparels, incorporated in the year 2010, is a subsidiary of Ashapura Intimates Fashion Limited, one of the leading companies in loungewear.
In March 2012, both NSE and BSE launched platforms for small enterprises aimed at entities looking to fund.
NSE has only five SMEs listed on its platform, while BSE has 65 companies.