Lamosaic India makes weak debut, shares list at 18% discount to IPO price on NSE SME

Lamosaic India Limited made a weak debut on the NSE SME platform, Emerge, on Friday, November 29, with its shares listing at a discount of 18% compared to the IPO price.

Lamosaic India shares opened on NSE Emerge at ₹164 apiece, down by 18% compared to the issue price of ₹200 apiece. After listing, the stock surged 5% and was locked at the upper circuit limit of ₹172.2 apiece.

As many as 9.91 lakh shares of the company changed hands on the NSE within the initial 10 minutes after the stock began to trade. The total trading value stood at ₹16.27 crore. The company’s market capitalisation stood at ₹178.02 crore.

The retail investors, who were allotted at least one lot of 600 shares of Lamosaic India, would have made a loss of ₹21,600 (₹36 x 600) after the stock started trading on the exchange.

Lamosaic India IPO details

Lamosaic India IPO was worth ₹61.2 crore. The book-built issue consisted of a fresh issuance of 30.6 lakh shares. The issue price was fixed at ₹200 per share.

The minimum lot size for applying for Lamosaic India IPO for retail investors was 1 lot consisting of 600 shares, which aggregated to an investment of ₹1,20,000.

Lamosaic India IPO was booked 1.82 times during the three-day subscription window which opened on November 21 and closed on November 26. The SME issue received bids for over 52.9 lakh shares across investor categories compared to the 29.07 lakh shares offered for subscription.

The non-institutional investors’ (NIIs) quota of Lamosaic India IPO was booked 98%. The retail investors’ quota was booked 2.65 times. Qualified Institutional Buyers (QIBs) placed bids for 1,200 shares of Lamosaic India Limited.

The company plans to use the money raised via the public issue for repayment of borrowings, for meeting working capital requirements, pursuing inorganic growth and for general corporate purposes.

About Lamosaic India Limited

Lamosaic India Limited was founded in January 2020. The company trades products such as flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood. The company also manufactures laminated and decorative flush doors on order. The company has nine employees as of September 30, 2024.