New Delhi: Industrial chemicals manufacturer Laxmi Organic is likely to be finalised on Monday. The Rs 600-crore IPO was sold between March 15 and 17 saw a good response from the investors as it received 106.81 times subscription during the offer period. The HNI quota was subscribed 217.62 times, followed by the quota for qualified institutional bidders (QIB) at 175.43 times and retail quota at 20.10 times.
The IPO was sold in Rs 129-130 price band where in the market, Laxmi Organic was reportedly trading at a premium of Rs 63. At listing, the company would command a market-cap of Rs 3,428 crore.
It may be noted that 35 per cent of the issue had been reserved for retail investors, 50 per cent for qualified institutional buyers and the rest for non-institutional investors.
Laxmi Organic operates under two verticals, Acetyl Intermediates (AI) and Specialty Intermediates (SI). AI accounts for 59 per cent of total sales, while SI accounts for 32 per cent of total sales. The company is the largest manufacturer of ethyl acetate with over 30 per cent market share in the Indian ethyl acetate market and is the only manufacturer of diketene derivatives in India with a diversified customer base.
The Rs 600-crore IPO comprised a fresh issue of up to Rs 300 crore and an offer for sale (OFS) of up to Rs 300 crore. Before the launch of the IPO, the company had raised Rs 180 crore from anchor investors.
The company plans to use the amount raised from the IPO to fulfil working capital requirements and upgrade existing.
Here’s how and where to check:
Investors, who had bid for the issue, can check the allotment status on the BSE website:
Step 1: They need to visit HERE
Step 2: Under the issue type, click Equity
Step 3: Under the issue name, select Laxmi Organic Industries Limited under the dropbox
Step 4: Write the application number
Step 5: Add the Pan card ID
Step 6: Click on ‘I am not a Robot’ and hit search.
