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BSE-SME listed Majestic Research Servicesand Solutions Limited FPO oversubscribed 1.54 times

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Mumbai: BSE-SME listed Majestic Research Services and Solutions Ltd follow-on public offer has been over-subscribed by 1.54 times, investment banking sources said.
The FPO, which opened on Monday, 28th November, 2016 for an issue size of 943,200 shares at a price band of Rs. 106-114 through a book-built issue to raise Rs. 10 crore closed on Monday, 5th December, 2016.
The company, which got listed on the SME platform in 16th July, 2015, has achieved the distinction of being the first company on BSE-SME platform to come up with a follow-on offer in the next few weeks.
In June last year, the company had 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.
Commenting on the association, Raj Sharma, Chairman – MRSSINDIA.com, said: “We are delighted that even in this challenging environment the MRSS FPO, 1st ever on the SME exchange got oversubscribed by 1.54 times. I think this reflects good fundamentals, positive growth stories and stakeholders confidence.”
About Majestic Research Services and Solutions Ltd: MRSS India relies exhaustively on usage of technology for data acquisition offering reliability, validity and faster turnaround times to its clients. The company 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. It is India’s 1st and only listed Market Research Company, also a member of MRSI and DIN (Digital Insight Network – Global). It is the subsidiary of Majestic Market Research Support Services Limited, – One of Asia’s largest full service market research firm. MMRSS is a member of ESOMAR, QRCA, MRA, etc with presence in 18 countries across Middle East and Asia Pacific region. (ENDS)

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