The 2005-registered Surat-based Kavita Fabrics (KFL) is making a fresh public issue of 12.75 lakh shares of Rs 10 each at a fixed price of Rs 40 a piece aggregating to Rs 5.10 cr. Of the issue, 2.07 lakh shares (Rs. 54 lakh) are reserved for subscription by 'Market Makers' to the issue.
By VS Fernando
Quality of SME IPOs entertained by the country's oldest stock exchange, as compared to its rival NSE, leaves much to be desired. Is BSE- SME Platform becoming a 'gambling den' for the 'club class' fly-by-night operators? Kavita Fabrics exposes how utterly incompetent are our market regulators!
The lead-manager to the IPO, Intensive Fiscal Services, has underwritten to the extent of 83.76% (Rs 4.27 cr). An associate of the lead-manager, Intensive Softshare, and K.M. Jain Stock Brokers are acting as 'market makers' underwriting 15.29% (Rs 78 lakh) and 0.94% (Rs 4.80 lakh) respectively. Subscribers must apply for a minimum of 3000 shares (Rs 1.2 lakh) and multiples thereof. The shares are proposed to be listed on the SME -Platform of Bombay Stock Exchange (BSE).
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