3 SME IPOs to hit capital markets this week to raise Rs 18 crore

To tap upbeat investor sentiment, as many as three companies will come out with their initial public offering (IPO) to raise over Rs 18 crore this week.

The companies will get listed on Bombay Stock Exchange's (BSE) small and medium enterprises platform.

The initial public offer (IPO) of Sprayking Agro Equipment will open for subscription from Wedmesday and close on September 2, while the public issues of Narayani Steels and Spicy Entertainment and Media would open from September 1.

The initial share-sale plans of Narayani Steels and Spicy Entertainment & Media will close on September 6 and September 7, respectively.

According to draft papers, Sprayking Agro Equipment plans to mop up Rs 1.86 crore, Narayani Steels hopes to rake in Rs 11.52 crore and Spicy Entertainment and Media aims to garner Rs 4.82 crore.

Proceeds of the issues would be utilised for business expansion plans and working capital requirements among others.

Besides, Mitsu Chem Plast IPO, which has already hit the markets on August 26, is schedule to close on Wednesday.

BSE MD and CEO Ashishkumar Chauhan, earlier this month, had said that exchange expects 200 listings on its platform by the fiscal-end.

The exchange launched small and medium enterpries (SME) platforms in March 2012 and since then, 146 companies have been listed on it. These companies together have a market capitalisation of Rs 11,944 crore.