Sarveshwar Foods is J&K’s first SME to debut on NSE

JAMMU : Making it into the privileged group of companies across the nation, Sarveshwar Foods on Thursday became the first small and medium enterprise (SME) from the Jammu and Kashmir to make its debut on the capital market by getting listed on the National Stock Exchange.

The company, which is engaged in the business of processing and marketing of branded and un-branded basmati and non-basmati rice, is the 128th listing on NSE Emerge -- the exchange's platform for SMEs.
Shares of Sarveshwar Foods closed at Rs 70.05 apiece today, 17.59 per cent down from its issue price of Rs 85.

Sarveshwar Foods had garnered Rs 55 crore from its initial public offer (IPO), which opened on March 5 and closed on March 8. The company had fixed the price band at Rs 83-85 per share. The issue was oversubscribed 1.56 times.

"The listing of an SME from Jammu and Kashmir is an important breakthrough for NSE Emerge platform, as it is reflective of our robust market development initiatives, as also the need for small businesses, wherever they are located, to tap more organised form of capital," NSE chief business development officer Ravi Varanasi said.

With more than 80 listing in the current fiscal year, the stock exchange has a healthy pipeline for the next few months also.

NSE Emerge provides a platform to raise funds for SMEs on a growth path, as they are not large enough to list on the main board.

As per the NSE, the listed companies on NSE Emerge have together raised funds amounting to about Rs 1,800 crore.