On Friday, November 29, the share price of Lamosaic India debuted on the NSE SME exchange in a muted manner. The stock was listed at 鈧�164, which was 18% less than its issue price of 鈧�200.
The stock quickly recovered, though, reaching its peak price range of 鈧�172.20. The SME stock was trading at 鈧�170.25 a share at roughly 10:20 am.
The 鈧�61.20 crore SME IPO, which included a new issue of 3,060,000 equity shares, went on sale on Thursday, November 21 and ended on Tuesday, November 26. The initial public offering (IPO) price of Lamosaic India was 鈧�200 for each equity share, which had a face value of 鈧�10.
A total of 1.8 subscriptions were made to the issue. The retail segment was booked 2.65 times more than any other investor category. A total of 38.62 lakh shares were bid for by retail individual investors out of the 14.53 lakh shares available.
The portion reserved for non-institutional investors was 98%. In contrast to the 14.53 lakh shares set aside for the category, NIIs bid on over 14.27 lakh shares.
The company plans to pay down some loans, take care of other working capital requirements, expand through acquisitions, and cover other business costs with the net proceeds from the issuance.
As previously stated by sources, the company was founded in January 2020 and has rapidly grown to become a major player in the plywood and decorative laminates market.
Serving both residential and commercial customers, it offers a wide range of high-quality goods, including plywood, printing paper (base), acrylic sheets, flush doors, and ornamental laminates.
Lamosaic made its foray into manufacturing in September 2023 when it opened a state-of-the-art factory in Chembur, Mumbai.
By making this strategic choice, the business has been able to better control quality, costs, and customer satisfaction by providing specialized products that satisfy a range of market demands.
Compared to 鈧�31.75 crore in the previous year, the company’s revenue for the year ending March 31, 2024, was 鈧�55.65 crore. Compared to FY23’s 鈧�4.07 crore, FY24’s profit after tax was 鈧�8.22 crore.
