Laxmi Organic Industries IPO To Open On March 15
Laxmi Organic Industries' initial public offer (IPO) will open for bidding on March 15. The speciality chemical manufacturer has fixed the price band of its maiden public offering at Rs 129-130 per share. The issue will close on March 17. The shares are likely to be listed on the stock exchanges on March 25.
The IPO comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore by the promoter group, Yellowstone Trust. Investors can place bids for a minimum 115 equity shares and in multiples of 115 equity shares thereafter, up to 13 lots.
Laxmi Organic Industries will utilise the net proceeds from the primary market offer to invest in a wholly-owned subsidiary, Yellowstone Fine Chemicals (YFCPL), to set up a manufacturing facility for fluorospecialty chemicals and for working capital requirements.
Ahead of initial public offering, Laxmi Organic Industries has raised Rs 180 crore from anchor investors.
Laxmi Organic Industries is among the largest manufacturers of ethyl acetate in India, with a market share of approximately 30 per cent of the Indian ethyl acetate market. It has two manufacturing facilities in Mahad, Maharashtra.
Axis Capital and DAM Capital Advisors are the book-running lead managers to the issue of Laxmi Organic Industries, while Link Intime India is the registrar to the IPO.
