The company is aiming to raise Rs 600 crore to repay debt, fund working capital requirements and for general corporate purposes
The initial public offering (IPO) of Laxmi Organic Industries will open for subscription on Monday (15 March) and close on 17 March.
The company is aiming to raise Rs 600 crore through the issue. The company says that it will utilise the proceeds from the fresh issue towards repaying debt, funding working capital requirements and for general corporate purposes.
In the unlisted market, the company’s shares are trading at an 85 percent premium.
The company will issue equity shares aggregating up to Rs 600 crore. The price band of the shares is Rs 86-87 of the face value of Rs 2 each. The bid lot is of 115 shares, and in multiples thereafter. Retail investors will be able to bid for a maximum of 13 lots.
The retail investors IPO quota has been fixed at 35 percent of the net offer. The QIB quota is 50 percent and the NII quota is 15 percent.
The basis of share allotment will be finalised by 23 March. For those who don’t get the shares, their refunds will be initiated by 23 March. Shares will be credited to the Demat accounts by 24 March.
Those who bid for the IPO can check the status at www.linkintime.co.in, the online portal of Link Intime India Private Limited, the registrar to the IPO.
Laxmi Organic Industries, a manufacturer of acetyl intermediates, was formed in 1989. At present, the company is among the largest manufacturers of ethyl acetate in India. It holds about 30 percent of the ethyl acetate market in India.
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