NSE SME Lamosaic India slides on debut

The scrip was listed at Rs 164, a discount of 18% over the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% compared to its listing price.

The counter hit a high of Rs 172.20 and a low of Rs 164. About 13.75 lakh shares of the company changed hands at the counter.

Lamosaic India's IPO was subscribed 1.73 times. The issue opened for bidding on 21 November 2024 and it closed on 26 November 2024. The price of the IPO was set at Rs 200 per share. The equity shares will list on NSE's SME platform.

The IPO comprised fresh issue of 30,60,000 shares. The promoter and promoter group shareholding diluted to 70.40% from 100% pre-IPO.

The company intends to utilize the net proceeds for repayment of certain borrowings, to meet incremental working capital requirements, pursuing inorganic growth and for general corporate expenses.

Lamosaic India trades various products, including flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood. The range of products sold under the brand name of Lamosaic is flush doors, decorative laminates, acrylic sheets, printing paper (base) and plywood. The company offers customized solutions for its customers, including the design of laminates and acrylic sheets.

Additionally, the company manufactures and supplies laminated and decorative flush doors based on customer orders. The company's business operations, including trading and manufacturing, are currently conducted within Maharashtra. As of 30 September 2024, the company had 9 employees.

The company recorded revenue from operations of Rs 72.82 crore and net profit of Rs 10.76 crore for the period as on 30 September 2024.