IPO by the Small and Medium Enterprises
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National Stock Exchange on 31th August 2012 issued detailed guidelines for its new trading platform for shares of small and medium enterprises (SMEs), where the first Initial Public Offer by a company would begin on September 4.
As per a circular issued by NSE, all members eligible for its main capital market segment would be eligible to trade on SME platform, named 'Emerge', and no separate membership would be required for trading on the new platform.
The market timings for its SME Platform would be from 9:15 AM to 3.30 PM in line with the normal market hours.
The NSE would see the first IPO on its SME platform next week when Thejo Engineering would launch its public offer on September 4 to raise up to Rs 21 crore.
Four SME companies have already been listed on rival BSE's SME Exchange.
Thejo Engineering has fixed price band of Rs 402-430 per share for the IPO, which would close on September 6.
It is an engineering solutions provider for bulk material handling, mineral processing and corrosion protection to the core sector industries like mining, power, steel, cement, ports and fertilisers among others.
The NSE said today its SME platform would have a hybrid trading system, which comprises of continuous order mechanism (Normal Market) as well as a Call Auction mechanism.
The call auction session would comprise of two phases -- Order Collection period and Order matching period.
The shares of SME companies listed on it would be available either in call auction or continuous session at any point of time, NSE said.
In the event of an index-based market-wide circuit break, trading in SME platform will also halt as applicable to the normal market in conformity with the Sebiregulations.
As per the market rules, trading gets halted for certain specific periods of time or for the entire day in the wake of a rise or fall of 10 per cent, 15 per cent or 20 per cent in the key benchmark indices Sensex or Nifty.
In such an event, all orders collected during call auction session would be cancelled.
In case Index based market-wide circuit break occurs during the order matching period of call auction session, the same will not have any impact on matching process and the same shall be completed
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