Momai Apparels to list shares on NSE's SME platform

Momai Apparels Ltd plans to enter National Stock Exchange's SME platform, 'Emerge' through book building route to raise Rs 41 crore through an Initial Public Offer (IPO).
The issue will remain open for subscription from September 25 to September 30.
The company will offer its equity shares with face value of Rs 10 each at price band in range of Rs 78-90. This will be the biggest IPO filed on Indian SME (Small & Medium Enterprises) Exchanges so far, a company statement said here.
The proceeds raised through IPO are to be utilised for acquisition of land for new manufacturing facility, long term working capital requirements, general corporate purpose and issue expenses, Momai Apparels Chairman Harshad H Thakkar said.

Momai Apparels is a subsidiary of Ashapura Intimates Fashion Ltd (Valentine Brand).
The company is engaged in the business of manufacturing of intimate garments such as loungewear, bridal nightwear, honeymoon sets, bathrobes, nightwear, sportswear, leggings and camisole.
The company also announced closure of pre-IPO placement of Rs 13.33 crore. It has allotted 17,08,800 equity shares of Rs 10 each fully paid at Rs 78 per share (including premium of Rs 68 per share).
Pantomath Capital Advisors (P) Ltd. Is the Book Running Lead Manager for the IPO.