Not so for SMEs at least. On Tuesday, Arihant Institute became the 251st company to get listed on the BSE SME platform.
The company, which concluded its initial public offering (IPO) on May 28, raised Rs 7.5 crore through the offering. It issued 25,00,000 shares of Rs 10 each.
What gives? Ajay Thakur, Head, BSE SME, said the companies on the SME platform are immune to market gyrations. "There is a strong pipeline of the companies and merchant bankers are working on this. Even during 2012-16, when the market was not so strong, we saw a strong inflow of SME companies," Thakur added.
Arihant Institute is a Gujarat-based company with registered office in Ahmedabad. The company is into the business of coaching students for professional courses such as those of chartered accountant, company secretary and CMA.
The Ahmedabad-based Monarch Networth Capital was the lead manager for Arihant Institute.
The 251 companies listed on BSE SME platform have raised Rs 2,360.22 crore from the market. Their total market capitalisation as on June 5 stands at Rs 20,743.37 crore, according to a BSE release.
BSE is the market leader in this segment with a market share of 62 per cent, the release added.
Trine Entertainment, Monarch Apparels (India), Shareway Securities, Western Agro-Tech Innovative, Perry Impex, Goel Scientific Glass Works, Malaika Appliances and Ajmera Pharmasure are among the 24 companies that have got the Sebi nod to launch IPOs.
The media release stated that 49 companies have migrated to the main board of the BSE. Some of them include SRG Housing Finance, Anshu's Clothing, Bronze Infra Tech, Sangam Advisors, Jupiter Infomedia and Ashapura Intimates Fashion.