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Laxmi Organic Industries IPO to open on Mar 15: Here’s price band, lot size and more

Laxmi Organic Industries IPO: The IPO of Laxmi Organic Industries will open on Monday, March 15, 2021. Investors who wish to subscribe to Laxmi Organic's IPO can bid in the lot of 115 equity shares and multiples thereof.

By: Express Web Desk | New Delhi |
Updated: March 9, 2021 12:40:46 pm
Laxmi Organic Industries is a Mumbai-based speciality chemical manufacturer. (Image source: Pixabay)

Laxmi Organic Industries IPO: The Rs 600 crore initial public offering (IPO) of speciality chemical manufacturer Laxmi Organic Industries will open on Monday, March 15, 2021, and will be available for subscription till Wednesday, March 17, 2021. The price band of the IPO has been fixed at Rs 129-130 per share of the face value of Rs 2 each.

Laxmi Organic Industries is a Mumbai-based speciality chemical manufacturer. The company is focused on two key business segments: Acetyl Intermediates and Speciality Intermediates. Upon its listing, it will join the likes of Aarti Industries, Fine Organic Industries, Navin Flourine International, Rossari Biotech and so on.

The IPO comprises a fresh issue of equity shares worth Rs 300 crore and offer-for-sale (OFS) of Rs 300 crore by the promoter Yellow Stone Trust, as per the information given in the red herring prospectus available on the National Stock Exchange (NSE).

Investors who wish to subscribe to Laxmi Organic Industries’ IPO can bid in the lot of 115 equity shares and multiples thereof. At the upper price band, they will have to shell out Rs 14,950 to get a single lot of Laxmi Organic. The shares will be listed on both BSE and NSE.

The company, in consultation with the book running lead managers to the issue, undertook a private placement of 15,503,875 equity shares aggregating to Rs 200 crore. Consequently, the size of the fresh issue has been reduced from Rs 500 crore to up to Rs 300 crore.

Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.

The net proceeds from the issue will be utilised for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, purchase of plant and machinery and upgrading existing units, according to the red herring prospectus.

Ahead of the public offer, the anchor investors’ portion will be available on Friday, March 12, 2021.

Axis Capital and DAM Capital Advisors (formerly known as IDFC Securities) are the book running lead managers to the IPO while Link Intime India is the registrar of the issue.

The company exports its products to more than 30 countries including China, Netherlands, Russia, Singapore, UAE, UK and US.

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