You are here: Home » Markets » News
Business Standard

Laxmi Organic IPO subscribed 6 times on second day of subscription

The initial public offer of speciality chemicals manufacturer Laxmi Organic Industries Limited was subscribed 6.05 times on the second day of subscription on Tuesday.

Topics
initial public offering (IPO) | Petrochemicals industry | Chemicals

Press Trust of India  |  New Delhi 

IPO, shares, company, firms, market
Representational image

The initial public offer of speciality manufacturer Laxmi Organic Industries Limited was subscribed 6.05 times on the second day of subscription on Tuesday.

The issue received bids for 19,69,52,680 shares against 3,25,58,138 shares on offer, as per data available with the NSE.

The category meant for qualified institutional buyers (QIBs) was subscribed 1.15 times, non institutional investors 2.48 times and retail individual investors(RIIs) 10.38 times.

The initial public offer (IPO) 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 offer is in a price range of 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 pre-payment 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 to the offer.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, March 16 2021. 20:09 IST
RECOMMENDED FOR YOU
.