Lamosaic India
Fixed Price issueSMENSE₹61.20 Cr issue
-18.00%
Listing gain over issue price
Issue size
₹61.20 Cr
1 lot at cut-off
₹1,20,000
Lot size
600shares
Open
21 Nov 2024
Close
26 Nov 2024
Allotment
27 Nov 2024
Listing
29 Nov 2024
Listing performance
Issue price
₹200
Listed at
₹164
Listing-day close
₹172.20
Latest price
₹45.70
Close on 23 Oct 2026
Listing gain
-18.00%
Return since issue
-77.15%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 21 Nov 2024 – 26 Nov 2024
- Listing date
- 29 Nov 2024
- Face value
- ₹10 per share
- Issue price
- ₹200 per share
- Lot size
- 600 shares
- Issue type
- Fixed Price issue
- Listing at
- NSE
- Total issue size
- ₹61.20 Cr
- Market cap at offer price
- ₹207 Cr
- Promoter holding
- 100.00% → 70.40% pre-issue → post-issue
- ISIN
- INE0R0201012
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- Shop No 32 3B 2B Prop 295, Pisoli Road, Kondhwa, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,53,000 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹200
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,20,000 |
| S-HNI (min) | 2 | 1,200 | ₹2,40,000 |
| S-HNI (max) | 8 | 4,800 | ₹9,60,000 |
| B-HNI (min) | 9 | 5,400 | ₹10,80,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹200 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.31 | 20.82 |
| P/E (×) | 17.68 | 9.61 |
| Price to book (×) | 5.59 | — |
| Market cap | — | ₹207 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 41.36%
- ROCE
- 39.95%
- Debt / equity
- 0.57
- PAT margin
- 14.77%
- NAV per share
- ₹35.75
- Price to book
- 5.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Lamosaic India
Lamosaic India Limited was originally formed as a Partnership Firm 'Swastik Marketing' on January 07, 2020, and was converted to a Public Limited Company on June 13, 2023. The company operates in two segments: trading of products such as flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood under the 'Swastik' brand; and manufacturing of laminated and decorative laminated flush doors from its workshop in Chembur, Mumbai established in September 2023. The company sells primarily to real estate, infrastructure, construction, interior décor, and furniture industries. It also provides customized solutions including designing of laminates and acrylic sheets. Currently, business operations are conducted within Maharashtra, with distribution through direct sales and franchisees.
Company Analysis
from RHPLamosaic India Limited is a trading and manufacturing company that sells decorative laminates, acrylic sheets, printing paper, plywood, and flush doors primarily to the real estate, construction, and interior décor industries.
Lamosaic India Limited was originally formed as a Partnership Firm 'Swastik Marketing' on January 07, 2020, and was converted to a Public Limited Company on June 13, 2023. The company operates in two segments: trading of products such as flush doors, decorative laminates, acrylic sheets, printing paper (base), and plywood under the 'Swastik' brand; and manufacturing of laminated and decorative laminated flush doors from its workshop in Chembur, Mumbai established in September 2023. The company sells primarily to real estate, infrastructure, construction, interior décor, and furniture industries. It also provides customized solutions including designing of laminates and acrylic sheets. Currently, business operations are conducted within Maharashtra, with distribution through direct sales and franchisees.
Building Materials & Decorative LaminatesReal EstateConstructionInterior DécorFurniture ManufacturingPlywood Industry
Objects of the Issue
- Repayment of certain Borrowings ₹445.77 Lakhs p.21
- To meet incremental working capital requirements ₹3,500.00 Lakhs p.21
- Pursuing Inorganic Growth ₹600.00 Lakhs p.21
- General Corporate Expenses ₹1,400.00 Lakhs p.21
- Repayment of certain Borrowings Rs. 431.36 lakhs p.65
- To meet incremental working capital requirements Rs. 3,500.00 lakhs p.65
- Pursuing Inorganic Growth Rs. 600.00 lakhs p.70
- General Corporate Purposes Rs. 1,400.00 lakhs p.70
Issue Structure
- Total Issue
- 30,60,000 Equity Shares of Rs.10 each at Rs.200 per share aggregating ₹6,120.00 Lakhs
- Fresh Issue
- 30,60,000 Equity Shares of face value of Rs.10 each for cash at price of Rs.200 per share aggregating ₹6,120.00 Lakhs
- Offer for Sale
- N.A.
- Price Band
- ₹200 per equity share (Fixed Price Issue)
- Lot Size
- 600 shares and in multiples of 600 thereafter; subject to a minimum allotment of 600 shares to successful applicants
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue through two main activities: (1) Trading - sourcing and selling decorative laminates, acrylic sheets, printing paper (base), plywood, and flush doors to B2B customers in real estate, construction, and interior décor sectors; (2) Manufacturing - producing laminated and decorative laminated flush doors based on customer orders. The company also generates revenue from customized design solutions for laminates and acrylic sheets.
Business Segments
Trading and manufacturing of flush doors for construction, real estate and interior décor applications
Trading and manufacturing of decorative laminates with customized designs for interior applications
Trading of acrylic sheets with customized design solutions
Trading of printing paper (base) material
Trading of plywood products
In-house manufacturing of solid and decorative flush doors for residential and commercial infrastructure companies and interior decorators. Doors measure approximately 25 feet x 35 feet, 7 feet x 3.25 feet, 8 feet x 4 feet, 7 feet x 3 feet (length x height) with thickness varying from 25 mm to 50 mm.
Trading of high-pressure laminates, low-pressure laminates, wood laminates, and decorative laminates. Laminate sheets measure about 4 feet x 8 feet with thickness varying from 0.62 mm to 1.5 mm. Also manufactures decorative laminate sheets in-house based on customer specifications.
Trading of durable, shatter-resistant acrylic laminates and sheets resistant to scratches, stains, and moisture. Products include clear, white, colored, mirrored, and decorative acrylic laminates measuring about 4 feet x 8 feet with thickness varying from 1 mm to 1.5 mm.
Trading of composite plywood made from thin layers of wood veneer glued together. Products include plain/classic and decorative plywood in multiple sizes (6 feet x 3 feet, 7 feet x 3 feet, 8 feet x 3 feet, 6 feet x 4 feet, 7 feet x 4 feet, 8 feet x 4 feet) with thickness varying from 4 mm to 19 mm.
Trading of print base paper, which is the topmost layer of decorative laminates, printed in different designs. Paper has smooth surface with white and color pigments providing high opacity. Sold in rolls of 500 kgs/roll measuring about 4 feet in width.
Operation of a franchisee display showroom approximately 1,750 sq. ft. where sample products of laminates and decorative laminates are displayed. Customers can physically examine product attributes (color, texture, design, smoothness, thickness, quality). Primary customers are residential and commercial builders, interior decorators, and home decorators.
Direct trading and distribution of decorative laminates, acrylic sheets, printing paper (base), and plywood products to customers, authorized dealers/distributors, and franchisees serving real estate, construction, furniture, and interior decoration industries.
In-house manufacturing of flush doors and laminated products at workshop in Chembur, Mumbai (approximately 650 sq. ft.), providing customized design-to-supply solutions for customers.
SWOT Analysis
Strengths
- • Recent rapid revenue growth trajectory(p.20)
- • Diversified product portfolio across building materials(p.20)
- • Customized solutions capability(p.20)
- • Growing profitability metrics(p.22)
- • Experienced management team with 10+ years in decorative laminates and plywood industry(p.93)
- • ISO 9001:2015 certification for manufacturing workshop(p.96)
- • Established distributor and dealer network with long-standing relationships(p.101)
- • Strong order book of approximately Rs. 5618.04 lakhs executable within two quarters(p.95)
- • Diversified product portfolio across manufacturing and trading(p.92)
- • Strong financial performance with 41.36% ROE and 39.95% ROCE as of September 2024(p.93)
- • Experienced promoter management in decorative laminates and plywood industry(p.118)
- • No labor disputes or unionization(p.114)
- • No regulatory debarment of promoters or directors(p.117)
- • Clean credit history with no defaults or restructuring(p.114)
- • Strong revenue growth trajectory(p.171)
Weaknesses
- • Limited operating history as a formal company(p.24)
- • Heavy concentration of revenue from single product (laminates)(p.25)
- • High dependence on few suppliers(p.26)
- • High customer concentration risk(p.27)
- • No formal agreements with suppliers and distributors(p.26)
- • Trademark and IP dependence on promoter(p.26)
- • Outstanding income tax default(p.33)
- • Single workshop manufacturing facility(p.29)
- • Leased premises for all properties(p.26)
- • No directors with listed company board experience(p.33)
- • High dependence on B2B customers, all currently located within Maharashtra only(p.92)
- • Low manufacturing capacity utilization at 17.02% as of September 2024(p.101)
- • Significant net debt of Rs. 1312.64 Lakhs as of September 2024(p.93)
- • Dependence on four dealer/distributor partners for significant portion of sales(p.101)
- • Limited skilled workforce with only 9 employees as of September 2024(p.104)
- • No long-term supply agreements with vendors, relying on 'as and when needed' basis procurement(p.102)
- • High dependence on top customers and suppliers(p.177)
- • Recent conversion from partnership to limited company(p.112)
- • Loans still in former partnership firm's name, creating conversion/legal risk(p.150)
- • Recent manufacturing operations with limited track record(p.171)
- • Limited geographic footprint(p.165)
- • Dependence on multiple lenders with high interest rates(p.180)
- • Significant outstanding liabilities to multiple creditors(p.184)
- • Limited track record as a formal company entity(p.189)
- • Negative free cash flow in certain periods(p.189)
Opportunities
- • Growing Indian plywood and decorative materials market(p.20)
- • Government housing schemes and infrastructure development(p.20)
- • Growing renovation and interior design trends(p.20)
- • Expansion to new geographic markets(p.34)
- • Inorganic growth through acquisitions and JVs(p.25)
- • Indian plywood market projected to reach INR 256.0 Billion by FY 2029 with 6.74% CAGR(p.86)
- • Organized sector gaining market share from unorganized sector due to GST advantage(p.90)
- • Strategy to expand into nearby states like Gujarat and Madhya Pradesh(p.95)
- • Government support through increased infrastructure spending and housing schemes(p.87)
- • Plan to establish display showroom cum showroom within Maharashtra to attract retailers(p.71)
- • Inorganic growth strategy through acquisitions and joint ventures in similar business(p.71)
- • Expansion through dealer/distributor network(p.171)
- • Franchisee expansion model(p.165)
- • New product development and market entry(p.174)
- • Growth in manufacturing operations with improved margins(p.173)
- • One-stop customized solutions capability(p.165)
- • Positive cash accruals and EBITDA generation(p.189)
- • Public listing on SME platform to access capital markets(p.190)
- • Potential migration to main board NSE after 3 years(p.207)
- • Positive net profits and improving financial performance(p.189)
Threats
- • Geographic concentration risk limited to Maharashtra(p.25)
- • Highly competitive and fragmented industry with low entry barriers(p.34)
- • Frequent design and pattern changes in industry(p.28)
- • Supply chain dependencies and transportation risks(p.29)
- • High working capital intensity(p.27)
- • Macroeconomic downturn impact(p.39)
- • Natural disasters and pandemic risks(p.40)
- • Intense competition from organized sector players including listed companies(p.101)
- • Significant competition from unorganized sector with lower cost structures(p.101)
- • Volatility in raw material costs and supply chain disruptions(p.89)
- • Economic slowdown risk affecting construction and real estate sectors(p.89)
- • Regulatory restrictions on timber and deforestation impacting raw material availability(p.90)
- • Geographic concentration risk with all operations currently within Maharashtra state(p.92)
- • High dependence on real estate and construction industry cycles(p.165)
- • Vulnerability to raw material price and supply fluctuations(p.166)
- • Competitive pressure in laminates and plywood industry(p.166)
- • COVID-19 pandemic impact on operations(p.165)
- • Foreign exchange regulation compliance requirements(p.110)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vinod Juthala Visaria | Promoter | 72.00% | 50.69% |
| Mr. Jay Manilal Chheda | Promoter | 23.00% | 16.19% |
| Mr. Jitesh Khushalchand Mamaniya | Promoter | 1.00% | 0.70% |
| Mrs. Leela Manilal Chheda | Promoter Group | 1.00% | 0.70% |
| Mrs. Laxmi Vinod Visaria | Promoter Group | 1.00% | 0.70% |
| Mrs. Jyoti Jitesh Mamaniya | Promoter Group | 1.00% | 0.70% |
| Ms. Mamta Vinod Visaria | Promoter Group | 1.00% | 0.70% |
| Mr. Vinod Juthalal Visaria | Promoter | 72.00% | 50.69% |
| Mr. Jay Manilal Chheda | Promoter | 23.00% | 16.19% |
| Mr. Jitesh Khushalchand Mamaniya | Promoter | 1.00% | 0.70% |
| Mrs. Leela Manilal Chheda | Promoter Group & Relatives | 1.00% | 0.70% |
| Mrs. Laxmi Vinod Visaria | Promoter Group & Relatives | 1.00% | 0.70% |
| Mrs. Jyoti Jitesh Mamaniya | Promoter Group & Relatives | 1.00% | 0.70% |
| Ms. Mamta Vinod Visaria | Promoter Group & Relatives | 1.00% | 0.70% |
| Mr. Vinod Juthalal Visaria | Promoter, Chairman and Managing Director | 72.00% | — |
| Mr. Jay Manilal Chheda | Promoter, Executive Director and Chief Financial Officer | 23.00% | — |
| Mr. Jitesh Khushalchand Mamaniya | Promoter, Executive Director | 1.00% | — |
| Vinod Juthalal Visaria | Promoter | — | — |
Leadership
Mr. Vinod Juthalal Visaria · Chairman and Managing Director
Mr. Jay Manilal Chheda · Executive Director and Chief Financial Officer
Mr. Jitesh Khushalchand Mamaniya · Executive Director
Mrs. Swati Navneet Jain · Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Lamosaic India IPO FAQs
What is the lot size of Lamosaic India IPO?
The minimum lot size of Lamosaic India IPO is 600 shares. One lot costs ₹1,20,000 at the cut-off price.
When does Lamosaic India IPO open and close?
Lamosaic India IPO opened for subscription on 21 Nov 2024 and closed on 26 Nov 2024.
What is the listing date of Lamosaic India IPO?
Lamosaic India IPO listed on 29 Nov 2024.