BENGALURU (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, which holds a 51% stake in the company, is selling shares worth 8 billion rupees.
Doms, which competes with Kokuyo Camlin, Linc and Pidilite Industries, 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, 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)