Laxmi Organic Industries IPO opens

Laxmi Organic Industries IPO opens: Check details

Views: 124

Laxmi Organic Industries Ltd. is an industrial chemical manufacturer and the largest manufacturer of ethyl acetate in India. According to the sources the Initial public offer is now all set to open for subscription on Monday. As the IPO opens today with a price band of Rs 129-130 per share. The issue, which will close on March, 17 aims to raise Ra 600 crore through the IPO. However, the total issue size has been reduced to Rs 600 crore from Rs 800 crore earlier as the company has already raised up to Rs 200 crore in its pre-IPO placement. Those who are unaware of Laxmi Organic Industries let’s look over the detail about the firm.

Details about the firm

This company has established in 1992. In India, it is the largest manufacturer of ethyl acetate. The company has a market share of approximately 30% of the Indian ethyl acetate market and approximately 55% of the diketene derivatives in the market. In various fields of the industries, Laxmi Organic Industries products are used. There are various such industries of agrochemicals, dyes, inks and coatings, printing and packaging, and adhesives, etc. These firms in the country find application in varied high growth. The company owns two manufacturing units in Mahad, Maharashtra.

Everything about the issue

The IPO will open on March 15, 2021. It will close on March 17, 2021. The price of the band of the issue has been set at Rs 129-130 per share. The size of this issue will be Rs 600 crores. However, the company will issue a fresh issue of Rs 300 crore. By the Yellow Stone Trust, the company will offer for sale of Rs 300 crore. There will be a minimum of 115 equity shares and in multiples of 115 equity shares which will be extended up to 13 lots. Also note that the shares of the firm are likely to be listed on the stock exchange on March 25, 2021.

Yellow Fine Chemicals

This is the firm which is a fully owned subsidiary of the Laxmi Organic Industries. The company uses it to fund capital expenditure also for the working capital requirements. Yellowstone is the promoter group using which the company will comprise the fresh issue of the shares and offer the sale.

See More: Bank Strike Today: ATM services, cheque clearance, other services hit

Author

Somya Somya

Somya is an associate writer at the media hub. Quiet by nature, She is an avid Lacrosse player. She regularly contributes to the technology section and manages staff writers. You can contact him at [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *