Doms Industries, a maker of pencils and erasers controlled by Italy’s Fila, surged almost 68% in its trading debut in Mumbai on Wednesday, bucking a broader selloff in the market.
The stock jumped nearly 82% intraday to Rs 1,434, taking the company’s market value to over $1 billion (about Rs 8,300 crore), before paring some gains amid late declines in the broader market.The Gujarat-based firm raised Rs 1,200 crore, selling shares at Rs 790 apiece.
The company reported revenue of Rs 1,210 crore for the year-ended March 2023 – up about 77% from a year ago, according to data compiled by Bloomberg. Net income rose more than six times to Rs 103 crore.
Affordable housing lender India Shelter Finance, which also made its debut on Wednesday, rose a little over 10% to finish at Rs 545. Shares advanced about 28% earlier in the day after the company raised $144 million in its IPO.
Doms and India Shelter’s IPOs, which drew bids multiple times, rounded off a solid year for India’s primary market, which outstripped larger peer Hong Kong for the first time in 30 years. Companies in the country raised more than $24 billion in IPOs and follow-on share offerings.