Lakshmi Organic IPO: Laxmi Organic is one of largest manufacturers of ethyl acetate in India
Laxmi Organic Industries shares listed at a modest premium of 20 per cent on the bourses this morning. The shares started off the day at Rs 156.20, higher by 20 per cent on the BSE compared to the issue price of Rs 130. And on the NSE, the shares listed at Rs 155.50, higher by an equal amount. At 10;15 am, the shares were trading at Rs 152.55,higher by Rs 23 or 17.58 per cent on the BSE and at Rs 152.80, up Rs 22.90 or 17.81 per cent on the NSE.
Laxmi Organic Industries’ Rs 600 crore initial public offering (IPO) was subscribed by 106.81 times. The portion reserved for retail investors was subscribed 20.10 times, non-institutional buyers’ segment was subscribed 217.62 times and portion reserved for qualified institutional buyers attracted interest to the tune of 175.43 times.
The IPO consisted of a fresh issue amounting to Rs 300 crore and an offer for sale of Rs 300 crore by the promoter group. The shares were offered in the price band of Rs 129-130 per share. Ahead of the IPO, Laxmi Organic Industries raised Rs 200 crore through pre-IPO allotment.
Laxmi Organic Industries was incorporated in the year 1989. It counts among the largest manufacturers of ethyl acetate in India, with two manufacturing facilities at Mahad in Maharashtra.
Axis Capital and DAM Capital Advisors are the book-running lead managers, while Link Intime India is registrar to the issue.
Among other IPOs this week, Anupam Rasayan made a tepid debut on Wednesday, listing at a discount of 3 per cent on the BSE and Rs 6.3 per cent on the NSE. And Barbeque Nation Hospitality is open for bidding at the moment.
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