Momai Apparel launches Rs 41 cr SME IPO

Momai Apparel, which claims to be have the world's largest product basket of loungewear, has hit the primary market with a Rs 41-crore issue and today sold the entire pre-IPO placement portion.The city-based company, which is a subsidiary of Ashapura Intimates Fashion, said the entire portion of the pre-IPO worth Rs 13.33 crore was closed by allotting 17,08,800 shares at Rs 78 a share.The company, which has Sidbi as an institutional investor, claimed this is the biggest SME issue so far in the country. The stocks will be listed on the NSE Emerge platform post-the issue.Momai is into manufacturing of innerwear like loungewear, bridal night wear, honeymoon sets, bathrobes, night wear, and sportswear, leggings, camisole etc. Momai had filed for public issue last month.The proceeds from the issue will be utilised for acquisition of land for new manufacturing facility, long term working capital requirements, general corporate purpose and issue expenses.Pantomath Capital Advisors is the sole book running lead manager to the issue.