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Laxmi Organic Industries IPO opens tomorrow. Check price band, details here
The IPO comprises a fresh issue of shares worth ₹300 crore and an offer for sale worth ₹300 crore. The minimum bid lot of the IPO is 115 equity shares and thereafter investors can bid in multiples of 115 shares.
Speciality chemicals manufacturer Laxmi Organic Industries will open its ₹600-crore initial public offering (IPO) for subscription on Monday with the price band of ₹129-130 per share. Prior to the IPO, the company raised ₹180 crore from anchor investors. The company is a leading manufacturer of acetyl intermediates as well as speciality intermediates and has experience in large scale chemical manufacturing of more than three decades. The IPO will close on March 17.
Here’s everything you need to know about Laxmi Organic Industries Ltd IPO:
1. The IPO comprises a fresh issue of shares worth ₹300 crore and an offer for sale worth ₹300 crore. The minimum bid lot of the IPO is 115 equity shares and thereafter investors can bid in multiples of 115 shares. The minimum application size will therefore be ₹14,950.
2. The IPO amounts to 16.59 per cent of the company’s paid-up equity after which the company’s promoter holding will fall from 89.51 per cent to 72.92 per cent.
3. According to a statement by the company, it plans to use the net proceeds from the IPO towards setting up of a manufacturing facility for fluoro speciality chemicals and for the purchase of plant and machinery with the purpose of infrastructural development.
4. The book running lead managers of the IPO will be Axis Capital and DAM Capital.
5. The company is likely to finalise the share allotment around March 22 and credit allotted shares to investors around March 24.
6. The shares are likely to be listed on the NSE and the BSE on March 25.
7. The company reported consolidated revenue from operations at ₹813.4 crore, ₹1,534.1 crore, ₹1,568.52 crore and ₹1,393 crore, respectively, for the six months ended September 2020 and FY20, FY19 and FY18. During the same period, the consolidated profits of the company stood at ₹45.48 crore, ₹70.2 crore, ₹72.39 crore and ₹75.7 crore.
