Promax Power Limited - Three Hundred and Fifty One Company to get listed on BSE SME Platform
SEBI came out with detailed guidelines on May 18, 2010 for launching of SME Exchange/Platform. BSE became the first stock exchange to get the approval from SEBI and launch its SME platform on March 13, 2012.
Promax Power Limited became the 351st company to get listed on the BSE SME Platform on October 12, 2021. Promax Power Limited came out with an initial public offering of 16,00,000 equity shares of Rs 10 each for cash at a price of Rs.10 per equity share aggregating to Rs 1.60 crore. The company has successfully completed its public issue on October 04, 2021.
Promax Power Limited is Punjab based company whose registered office is at Chandigarh. The company engaged in the business of engineering procurement construction for electrification, civil infrastructure and water infrastructure management projects. Company committed to provide quality work to their customers that meets the project standards and specifications for materials, workmanship, tolerances, schedules and public service while maintaining profitability and competitiveness. Promax ensures continual improvement through quality processes which are directed by a strong management team.
Kolkata based Finshore Management Services Limited, was the lead manager to Promax Power Limited.
So far, 115 companies have migrated to the main board. The 350 companies listed on BSE SME Platform have raised Rs.3,720.15 crore from the market and total market capitalization of 350 companies as on October 11, 2021 is Rs. 39,807.26 crore. BSE is the market leader in this segment with a market share of 61 per cent.
The response since the launch of this platform by BSE has been very positive till date.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market.