DOMS Industries makes stellar market debut, listing at 77% premium- The New Indian Express

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By Express News Service

DOMS Industries made a stellar stock market debut on Wednesday as the company shares were listed at a premium of  77% over the IPO price on the domestic bourses. The scrip listed at around Rs 1,405 on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), up 77.22% over its IPO price of Rs 790 at 10 am.

The strong listing was on expected lines given the IPO of the stationary brand was subscribed 93.52 times. The IPO, valued at Rs 1,200 crore, is a mixture of new equity issues amounting to Rs 350 crore and Offers for Sale worth Rs 850 crore.

“DOMS Industries has debuted at Rs. 1405 i.e. 77 per cent above its issue price. Its strong brand, diverse product portfolio, and robust manufacturing position it well for continued growth. Multi-channel distribution and strategic partnerships expand its reach. DOMS has demonstrated impressive financial growth in recent years, solidifying its market position and future potential,” said Shivani Nyati, Head of Wealth, Swastika Investment Ltd. 

“The issue came at a P/E of 43x, which was fully priced. Thus, considering such a premium on listing, allottees who applied for the public offering for listing premium are advised to book profit. However, investors with long-term view may hold it by keeping a stoploss at Rs 1,260. A fresh buy will not be recommended at such a high level,” added Nyati.

Meanwhile, India Shelter Finance Corporation Limited also made a strong market debut with its shares listing at a 25% premium over its IPO issue price.

The shares entered the bourses at 618 apiece over the issue price of Rs 493. The company’s IPO was oversubscribed 38 times.

India’s IPO market is buzzing with new entrants as many companies are confident of raising funds via this route amidst a sharp rally in the stock market. This week alone, about 12 companies are launching their initial issue, collectively aiming to raise Rs 4,600. Additionally, 8 companies will be listed this week.

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