return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Stocks
    /
  5. DOMS Industries shares plummet 5% as firm's parent FILA cuts stake; check details

Market News

DOMS Industries shares plummet 5% as firm's parent FILA cuts stake; check details

Upstox
By Upstox News Desk

2 min read | Updated on December 19, 2024, 10:10 IST

Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

DOMS share price: The stake sale is being conducted through an accelerated book building (ABB) process starting on Wednesday, offering up to 2,773,407 ordinary shares in the Indian firm, FILA said.

Stock list

DOMS
--
Shares of pencil maker DOMS Industries Ltd made a dream stock market debut in December last year, listing with a huge premium of over 77% against the issue price of ₹790.

Shares of pencil maker DOMS Industries Ltd made a dream stock market debut in December last year, listing with a huge premium of over 77% against the issue price of ₹790.

DOMS Industries share price: Shares of DOMS Industries fell as much as 5.36% to ₹2,891.55 apiece on the BSE on Thursday, December 19, after Italian stationery maker FILA on Wednesday said it had initiated the sale of up to 4.57% of shares in its Indian unit DOMS.

The stake sale is being conducted through an accelerated book building (ABB) process starting on Wednesday, offering up to 2,773,407 ordinary shares in the Indian firm, FILA said.

"The placement is aimed at increasing the free float of the company, improving the liquidity of its shares, and attracting new investors to the share capital," FILA said in a statement.

The Italian company, whose Indian unit, DOMS Industries, was listed on bourses last December, holds about 30.58% of DOMS' share capital and is set to reduce its stake to no less than 26.01% following the completion of the placement that includes a 90-day lock-up period for the buyer, Reuters reported.

Shares of pencil maker DOMS Industries Ltd made a dream stock market debut in December last year, listing with a huge premium of over 77% against the issue price of ₹790.

The stock listed at ₹1,400 on both the BSE and NSE, reflecting a jump of 77.21% from the issue price.

Later, the stock zoomed 79.30% to ₹1,416.50 on the BSE.

On the NSE, it jumped 79.11% to ₹1,415.

The initial share sale of DOMS Industries received 93.40 times subscription on the final day of bidding, driven by overwhelming participation from institutional buyers.

ALSO READ | SENSEX nosedives 1,000 pts, slips below 80K; NIFTY50 falls below 24,000 on Fed's 'cautious' approach; IT, metals crack

The ₹1,200 crore initial public offering (IPO) had a fresh issue of up to ₹350 crore and an offer for sale of ₹850 crore.

The price range for the offer was ₹750-₹790 a share.

"Funds raised through the fresh issue would be used for setting up a new manufacturing facility to expand the company's production capabilities for a range of writing instruments, watercolour pens, markers, and highlighters as well as for general corporate purposes," the company had said.

Shares of the company have rewarded their investors handsomely as the stock price has rallied over 125% so far in 2024.

(With inputs from PTI, Reuters)

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

Next Story