Laxmi Organic IPO subscribed 2.28 times on Day 1

By: |
March 15, 2021 7:46 PM

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.

laxmi organic ipoThe tech upstart, India’s first private company to reach unicorn status with venture funding, could kick off the IPO process in a few weeks.

Speciality chemicals manufacturer Laxmi Organic Industries’ initial public offer was subscribed 2.28 times on the first day of subscription on Monday.

The initial public offer (IPO) received bids for 7,42,26,635 shares against 3,25,58,138 shares on offer, according to data available with the NSE.

The portion meant for qualified institutional buyers (QIBs) was subscribed 1 per cent, non-institutional investors 49 per cent and those for retail individual investors (RIIs) 4.34 times.

The initial public offer aggregating up to Rs 600 crore comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore.

The price range for the Mumbai-based company’s offer is Rs 129-130 per share.

Laxmi Organics Industries on Friday garnered Rs 180 crore from anchor investors.

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.

In addition, funds would be used for prepayment or repayment of all or a portion of certain outstanding, besides general corporate purposes.

The company has a global presence with customers in over 30 countries, including China, the Netherlands, Russia, Singapore, United Arab Emirates, the UK and the US.

DAM Capital Advisors Limited and Axis Capital Limited are the managers of the offer.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India records 22 IPOs worth over $2.5 bn in January-March period
2Aditya Birla Sun Life AMC files DRHP with SEBI for IPO; parent Aditya Birla Capital to trim holding
3Glenmark Life Sciences files IPO papers with SEBI; plans to sell over 73 lakh shares via OFS