Lamosaic India share price made a subdued debut on the NSE SME exchange on Friday, November 29. The stock was listed at ₹164 against its issue price of ₹200, a discount of 18 per cent.
However, the stock soon rebounded, hitting its upper price band of ₹172.20. By around 10:20 am, the SME stock was trading at ₹170.25 per share.
The SME IPO, which consisted of a fresh issue of 3,060,000 equity shares, aggregating to ₹61.20 crore, opened for subscription on Thursday, November 21, and concluded on Tuesday, November 26. Lamosaic India’s IPO price was ₹200 per equity share with a face value of ₹10 each.
The issue saw an overall subscription of 1.8 times. Among investor categories, the retail portion was booked 2.65 times. Retail individual investors placed bids for 38.62 lakh shares against 14.53 lakh shares on offer.
The Non-Institutional Investors’ portion was booked 98 per cent. NIIs placed bids for more than 14.27 lakh shares against 14.53 lakh shares reserved for the category.
The company intends to use the net proceeds from the issuance to repay specific borrowings, address additional working capital needs, pursue growth through acquisitions, and pay general corporate expenses.
As Mint reported earlier, the company, established in January 2020, has quickly become a significant competitor in the decorative laminates and plywood sector.
It provides an array of premium products, such as flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood, serving both residential and commercial clientele.
In September 2023, Lamosaic ventured into manufacturing by inaugurating a cutting-edge facility in Chembur, Mumbai.
This tactical decision has enabled the company to enhance its control over quality, expenses, and customer satisfaction by offering customized products that meet various market demands.
The company reported revenue of ₹55.65 crore in the year ended on March 31, 2024, against ₹31.75 crore in the year-ago period. Profit after tax was ₹8.22 crore in FY24 against ₹4.07 crore in FY23.
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29 Nov 2024, 10:30 AM IST
Business NewsMarketsStock MarketsLamosaic India share price lists at 18% discount on NSE SME exchange
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