DOMS Industries Shares Surge 77% on Debut
Dec 20, 2023 10:31
DOMS Industries Ltd shares soared over 77% on their stock market debut, exceeding the issue price of Rs 790. The IPO received overwhelming subscription, driven by strong institutional investor interest.
New Delhi, Dec 20 (PTI) Shares of pencil maker DOMS Industries Ltd made a dream stock market debut on Wednesday, listing with a huge premium of over 77 per cent, against the issue price of Rs 790.
The stock listed at Rs 1,400 on both the BSE and NSE, reflecting a jump of 77.21 per cent from the issue price.
Later, the stock zoomed 79.30 per cent to Rs 1,416.50 on the BSE.
At the NSE, it jumped 79.11 per cent to Rs 1,415.
The company commanded a market valuation of Rs 8,622.14 crore during morning deals.
The initial share sale of DOMS Industries received 93.40 times subscription on the final day of bidding on Friday, driven by overwhelming participation from institutional buyers.
The Rs 1,200-crore Initial Public Offering (IPO) had a fresh issue of up to Rs 350 crore and an offer for sale of Rs 850 crore.
The price range for the offer was Rs 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.
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