The public offering will comprise fresh issuance of shares aggregating to Rs 300 crore and an offer for sale worth Rs 300 crore by the promoter Yellow Stone Trust
Specialty chemicals manufacturer Laxmi Organics Industries will open its Rs 600 crore initial public offering (IPO) for subscription on 15 March. The IPO closes on 17 March.
The public offering will comprise fresh issuance of shares aggregating to Rs 300 crore and an offer for sale worth Rs 300 crore by the promoter Yellow Stone Trust.
The company undertook a private placement of 15,503,875 equity shares aggregating to Rs 200 crore and hence the size of the fresh issue reduced from 500 crore to up to Rs 300 crore.
The company has also raised Rs 180 crore from anchor investors on 12 March, ahead of the public offering. According to a BSE circular, the company has decided to allocate 1,38,46,153 shares at Rs 130 to 15 anchor investors including Nomura India Equity Fund, Abu Dhabi Investment Authority, Goldman Sachs, Kuber India (Plutus), Theleme India Master Fund, Malabar India Fund, SBI Mutual Fund, ICICI Prudential Mutual, etc.
Investors who are interested in bidding for the IPO can go through the following details:
Price band: The price band of Rs 129 – Rs 130 per share has been fixed by the company for its initial public offer. Also, 50 per cent of the issue has been reserved for qualified institutional buyers while 35 per cent is for retail investors and 15 per cent for non-institutional bidders.
How to apply: Investors who are willing to invest can apply in Laxmi Organic IPO online vis either UPI or ASBA as a payment method. ASBA IPO application will be available in the net banking of your bank account while the UPI IPO application will be offered by brokers who do not offer banking services.
Important dates: The shares will likely be allotted around 22 March and will credit allotted shares to the demat accounts of eligible investors around 24 March and the shares will list on the bourses by 25 March.
Objective: The fund raised will be used to set up a manufacturing facility for fluoro specialty chemicals, working capital requirements, purchase of plant and machinery and upgrading existing units. The proceeds will also be utilised for prepayment or repayment of all or a portion of certain outstanding, besides general corporate purposes.
Lot size: The Laxmi Organic IPO market lot size is 115 shares and in multiples of 115 shares thereafter.
Lead managers: There are two lead managers of the IPO — Axis Capital and DAM Capital Advisors (formerly IDFC Securities).
Registrar: The registrar for the public issue is Link Intime India Private Ltd.
About the company
Mumbai-based Laxmi Organics was incorporated in 1989 and is a leading manufacturer of acetyl intermediates and speciality intermediates with a global presence in over 30 countries.
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