ENA MSME 2024-11-29 15:52:47 <p><span style="font-size:14px"><strong>New Delhi, Nov 29 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The IPO, which opened for bidding from 21 November to 26 November 2024, was oversubscribed 1.73 times, indicating moderate investor interest.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The company distinguishes itself by offering customised solutions, designing laminates and acrylic sheets tailored to customer specifications.</span></p> <p><span style="font-size:14px">Currently operating exclusively within Maharashtra, the company maintains a lean workforce of 9 employees as of 30 September 2024.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40086 https://knnindia.co.in/news/newsdetails/msme/lamosaic-india-debuts-on-nses-sme-platform-with-discounted-share-price 2024-11-29 15:52:47 knnindia.co.in