DOMS Industries Ltd, a pencil maker, saw its shares surge over 68% on its stock market debut, with the stock closing at Rs 1,330.85. The IPO received 93.40 times subscription.
Illustration: Uttam Ghosh/Rediff.com
New Delhi, Dec 20 (PTI) Shares of pencil maker DOMS Industries Ltd made a dream stock market debut on Wednesday and ended with a huge premium of over 68 per cent against the issue price of Rs 790.
The stock listed at Rs 1,400 on both BSE and NSE, reflecting a jump of 77.21 per cent from the issue price.
During the day, the stock zoomed 81.55 per cent to Rs 1,434.25 on the BSE. Shares of the company finally ended at Rs 1,330.85, up 68.46 per cent.
At NSE, it jumped 81.51 per cent to Rs 1,434 during the day. The stock ended at Rs 1,302.95, climbing 64.93 per cent.
The company commanded a market valuation of Rs 8,076.56 crore.
In traded volume terms, 7.76 lakh shares of the company were traded at the BSE and over 1.46 crore shares at the NSE during the day.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback