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SPS Finquest to raise Rs 25.08 crore on BSE SME platform

Mumbai, May 17 (KNN)  Non-banking Finance Company, SPS Finquest has come out with  an initial public offering (IPO) of 33,44,000 equity shares of Rs 10 each to raise share capital of Rs 25.08 crore on the BSE SME platform.
A Non Deposit taking Non-Banking Finance Company (NBFC-ND), SPS Finquest is engaged primarily in the business of advancing loans for investing/trading in securities. It provides its shareholders with the opportunity to participate in the field of financing against equities and other financial instruments that provides a decent return on the capital deployed.
The issue will open for subscription on May-21 at a fixed price band of Rs 75 per share, while the public issue will close for subscription on May-23.
SPS Finquest Limited is part of diversified SPS Group having business operations in the fields of Stock Broking, Depository Participant, Mutual Fund distribution, Port Folio Management (PMS) and Insurance Repository Services.
Promoted by the Pramod Shah Family, the company is presently providing loan against securities and margin financing to its clients.
BSE SME Platform offers an entrepreneur an investor friendly environment, which enables the listing of SMEs from the unorganized sector scattered throughout India, into a regulated and organized sector. 
BSE started the SME Platform in March 2012.  In just over 2 years, BSE has achieved more than 90 per cent market share helping Indian SMEs create a market capitalisation of more than USD 1 billion. Average IPO size on BSE SME is close to Rs 9 crore per issue.