According to a new report by merchant banker Pantomath Advisors, three of the five top-performing companies listed on the BSE SME platform yielded better returns for investors vis-à-vis other BSE SME-listed companies.

Shares of MD Inducto Cast and Jiya Eco Products (Bhavnagar based) and Ultracab (India) (Rajkot based) have returned between 17 and 600 per cent since their listing.

Ultracab, which has a market capitalisation of ₹205 crore, closed at ₹242 on Tuesday against the issue price of ₹36. The stock had registered its all-time high of ₹259 on November 10. The stock was listed on October 10, 2014.

Similarly, shares of MD Inducto Cast, which had registered its all-time of ₹69.50 on November 9, closed on Tuesday at ₹52.15. The company raised funds by fixing the issue price at ₹27.

Jiya Eco Products has surged from its issue price of ₹19 a share to ₹22.30, a 17 per cent appreciation. But the stock has fallen sharply from the peak of ₹34.95 registered on August 13. Both these shares entered the bourse on July 16, 2015.

“The SME capital markets segment has attained a significant size with 126 companies listed on SME platforms, with the overall market capitalisation having peaked at ₹10,000 crore. Pantomath SMEX-30, the index for SME scrips, has risen 354 per cent in less than two years,” said Mahavir Lunawat, Managing Director, Pantomath Group, a SEBI Registered Category I Merchant Banker. 

Currently, the market-cap of the SME exchange stands at ₹6,890 crore.

Pantomath SMEX-30 is a unique index for companies listed on SME Exchanges. Some of the companies include

Sunstar Realty, Kushal Tradelink, Lakhotia Polyesters, Momai Apparels and MITCON Consultancy and Engineering Services.

Pantomath Capital Advisors emerged as the top merchant banker in the SME segment. IPOs of three of five listed SMEs that were honoured by the BSE as ‘Top 5 Performing Companies on the BSE SME Platform’ were lead managed by Pantomath Capital. 

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