Bhilwara based Madhya Bharat Agro Products plans to open its Initial Public Offer (IPO) on August 29. 2016. The company plans to raise Rs 138.4 million through the issuance of 57,90,000 equity shares of face value of Rs. 10.00 each and the Issue price is Rs. 24.00 each. The company plans to list its shares on NSE EMERGE Platform. This IPO is lead managed by Hem Securities, the leading Merchant Banker in the SME IPO segment. The IPO will close on September 02, 2016

Madhya Bharat Agro Products manufactures of Single Super Phosphate (SSP), Beneficiated Rock Phosphate (BRP) and Sulphuric Acid and is a part of Ostwal Group of Industries. The profits after tax of the company in FY' 16 were Rs. 94.5 million and the net-worth of the company is about Rs. 900 million which is among the highest in all companies listed on the SME Platform

Gaurav Jain, director, Hem Securities said, ''Through its listing on SME platform. Madhya Bharat Agro Products aims to get visibility and new stakeholders thus encouraging to work more prudently, ensure better corporate governance, add transparency and scale newer heights.'' He further added, ''Our experience as a lead manager is that SME platform helps smaller companies to leverage their strengths and eventually graduate on to Mainboard.''

Prateek Jain, director, Hem Securities, said, ''At Hem Securities, we are working on a number of IPOs from across different geographies. We are confident that all these companies will be listed in next six to eight months.'' He added, ''This is a right opportunity as the market  is sending positive signal for SME companies who are keen to tap the capital markets.''