(MENAFN- KNN India)
New Delhi, Nov 29 (KNN) Lamosaic India's initial public offering (IPO) made its trading debut on the National stock exchange (NSE) with shares opening at a notable discount from its initial offer price.
The stock was listed at Rs 164, representing an 18 per cent reduction from the IPO price of Rs 200, and subsequently traded with a 13.90 per cent discount at Rs 172.20.
The IPO, which opened for bidding from 21 November to 26 November 2024, was oversubscribed 1.73 times, indicating moderate investor interest.
The equity shares will be traded on NSE's SME platform, with the stock experiencing significant trading activity, with approximately 13.75 lakh shares exchanging hands during the initial trading session.
The public offering comprised a fresh issue of 30,60,000 shares, resulting in a dilution of promoter and promoter group shareholding from 100 per cent to 70.40 per cent.
Lamosaic India plans to utilise the net proceeds for strategic objectives, including repayment of borrowings, meeting working capital requirements, pursuing potential inorganic growth opportunities, and covering general corporate expenses.
Lamosaic India specialises in trading and manufacturing a diverse range of products under the 'Lamosaic' brand, including flush doors, decorative laminates, acrylic sheets, printing paper, and plywood.
The company distinguishes itself by offering customised solutions, designing laminates and acrylic sheets tailored to customer specifications.
Currently operating exclusively within Maharashtra, the company maintains a lean workforce of 9 employees as of 30 September 2024.
Despite its compact size, Lamosaic India demonstrated robust financial performance, recording revenues of Rs 72.82 crore and a net profit of Rs 10.76 crore for the period ending 30 September 2024.
The stock's trading was temporarily frozen at its upper limit of 5 per cent compared to the listing price, reflecting initial market volatility characteristic of new public offerings.
(KNN Bureau)
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