MRSS Ltd lists its new equity shares on BSE SME

Mumbai, Dec 14 (KNN) New equity shares of Majestic Research Services and Solutions Ltd (MRSS) got listed with the SME exchange of BSE today after the company completed the allotment of its follow-on public offer.

Following the over-subscription of 1.65 times, the company has allotted 876,000 shares at an issue price of Rs 114 per share including a premium of Rs 104 to the applicants including market maker, retail and non-retail investors.

The company has raised Rs 998.64 lakhs from the follow-on public offer. Post allotment, the promoters’ stake in the company would stand diluted to 60.06% from 72.83% prior to the follow-on public offer.

On Tuesday, shares of Majestic Research Services closed at Rs 174.90 up 11. 4% on the BSE-SME platform, the company said in a release.

As per the terms of the FPO, the freshly allotted shares shall rank pari-passu with the existing equity shares of the Company in all respects, and shall be subject to the provisions of the Memorandum and Articles of Association of the Company.

The follow-on public offer of the company, which had the distinction of being the first FPO on the SME exchange, to raised Rs 10 crore had opened for subscription on November 28 and closed on December 5. The proceeds of the offer will be deployed in funding working capital requirements among others.

Earlier, the initial public offer of the company was listed on the BSE-SME platform on July 16, 2015 after the company offered 11,20,000 equity shares of the face value of Rs. 10 at an issue price of Rs. 12.75 each to raise Rs. 1,42,80,000.

For the six month period ended 30th September, 2016, the company reported 118.7% growth in its April - September net profit to Rs 1.69 crore over the corresponding period last year, driven by increase spending by fast moving consumer goods companies. Revenue for the first half period rose to Rs 9.47 crore, up 75.6% on year.

For the year-end 31st March, 2016, the company had posted a net profit of Rs 1.9 crore on revenue of Rs. 11.13 crore with earnings per share of Rs. 5.

Pantomath Capital Advisors Private Ltd is the lead manager to the issue.

MRSS India has wide range of offerings such as Eye Tracking, Mobile Analytics, Video Analysis, Facial Recognition, Digital Tracking, Online Communities, Neuroscience, Emotional Analysis, Automated Audience Measurement, Sensory Sciences, etc.