DOMS Shares Plunge Despite Strong Debut on Dalal Street

DOMS Shares Plunge Despite Strong Debut on Dalal Street

VoM News Desk | December 21, 2023 | 12:24 PM IST | Breaking News | Follow on Google News

DOMS Shares Plunge Despite Strong Debut on Dalal Street /Mint

DOMS Shares Plunge Despite Strong Debut on Dalal Street

DOMS shares witnessed an 8% decline in early trade on Thursday following a robust debut on Dalal Street. The stock, which soared with a premium of 77.2% at its listing, dropped significantly to ₹1,224.40 apiece on the BSE.

Initially listed on December 20 at ₹1,400 each on both NSE and BSE against an issue price of ₹790, DOMS Industries drew immense investor interest during its IPO from December 13 to December 15, oversubscribed by 93.52 times. The issue received bids for 82.64 crore shares against an IPO size of 88.37 lakh.

Despite a stellar listing day performance, the stock closed at ₹1,302.95 on NSE, marking a 7% drop from its listing price, and at ₹1,330.85 on BSE, down by nearly 5%.

Analysts advised short-term investors to consider booking profits following the impressive listing. However, they suggested long-term investors hold the stock given its robust fundamentals.

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, recommended profit booking for IPO allottees aiming for a listing premium, while advising long-term investors to maintain holdings with a stop loss at ₹1,260. She also cautioned against fresh buying at the current high levels.

Nyati highlighted DOMS Industries’ strength in brand presence, diverse product portfolio, and robust manufacturing capabilities, positioning it well for sustained growth. The company’s multi-channel distribution and strategic partnerships further expand its market reach.

Despite the recent decline, DOMS has displayed impressive financial growth, securing its market position and indicating potential for future expansion. As of 9:40 am, DOMS Industries share price was trading 3.93% lower at ₹1,278.55 on the BSE.

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VoM News Desk

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