SME IPO: Rithwik Facility gets listed post Rs. 405 lakh IPO

Building maintainence, EB maintainence and security system provider Rithwik Facility Management Services got listed on the BSE SME Platform on Thursday by launching an initial public offering of 8,10,000 equity shares for Rs. 405 lakh. The equity shares have a face value of Rs. 10 per share and the offer price was Rs. 50 per share.

The company completed its public issue on January 3, 3018 and had Inventure Merchant Banker Services as the lead manager. The company became the 217th company to get listed on the BSE SME platform.

The company is based out of Mumbai and is engaged in the business of integrated facilities and property management, equipment and assets management and billing management. The company’s billing management business includes raising of maintenance and energy invoices and managing collections for clients.

Till now, the 217 companies listed on the BSE SME platform have raised funds worth nearly Rs. 1,775.13 crore and have a total market capitalization 22,125.73 crore. BSE is the market leader in this segment with a market share of 68 per cent.

SME IPOs have caught pace in the Indian stock markets. While a huge number of firms have submitted their DRHP for approval, companies such as Trine Entertainment, Monarch Apparels (India), Shareway Securities, Western Agro-Tech Innovative, Perry Impex, Goel Scientific Glass Works, Malaika Appliances, Ajmera Pharmasure, Worth Infra Industries and AGI Hospitalities will soon be rolling out their IPOs.

Rithwik Facility Management Services hit an intraday high of Rs. 60 per share and an intraday low of Rs. 46.30 per share on BSE on Thursday. At 11:51 hours IST, the stock was trading at Rs. 47.35 per share, lower by 5.30 per cent from its listing price of Rs. 50 per share.