Indian stationery maker Doms files draft papers for $145 mln IPO

Pidilite Industries

22/08/2023 17:37

BENGALURU, Aug 22 (Reuters) - Indian stationery maker
Doms Industries has filed for an initial public offering worth
12 billion rupees ($144.53 million), draft papers filed with the
market regulator showed on Tuesday.
    Doms will issue new shares worth 3.5 billion rupees, while
existing shareholders will sell shares worth 8.5 billion rupees,
the draft prospectus showed.
    Milan-listed FILA Fabbrica Italiana Lapis ed Affini SpA
 FILA.MI , which holds a 51% stake in the company, is selling
shares worth 8 billion rupees.
    Doms, which competes with Kokuyo Camlin  KOCL.NS , Linc
 LINC.NS  and Pidilite Industries  PIDI.NS , aims to use
proceeds from the fresh issue of shares to partly finance the
cost of setting up a new manufacturing facility, it said.
    Kokuyo Camlin shares surged 71% and Linc 53% so far this
year amid strong demand for stationery post the pandemic. They
outpaced a 7% rise in the blue-chip Nifty 50  .NSEI , which has
retreated from record highs due to moderating foreign inflows,
worries over U.S. Federal Reserve's interest rate hikes and
growth concerns in China.
    Pidilite, which makes industrial adhesives and chemicals,
has slipped 2% this year. 
    Doms posted a net profit of 958.1 million rupees in fiscal
2023, a near seven-fold jump from a year earlier. Its revenue
surged 77% to 12.12 billion rupees.
    JM Financial, BNP Paribas, ICICI Securities and IIFL
Securities are book-running lead managers to Doms' IPO.

($1 = 83.0261 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru; Editing by Shilpi
Majumdar)
 ((chris.thomas@thomsonreuters.com; +91 80 6210 0487;))