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Shares of Laxmi Organic Industries to list on bourses on March 25. Initial public offerings of speciality chemicals manufacturer was subscribed a whopping 106.79 times on the last day of subscription on Wednesday, largely driven by huge interest from institutional investors.
The public offer garnered bids for 3,47,67,42,330 shares against 3,25,58,138 shares on offer, as per NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 175.43 times, non-institutional investors 217.62 times and retail individual investors (RIIs) 20.06 times.
The initial public offer aggregating up to Rs 600 crore comprised a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore.
The price range was fixed at Rs 129-130 per share. Laxmi Organic Industries had garnered Rs 180 crore from anchor investors last week.
Net proceeds from the issue will be utilised for setting up a manufacturing facility for fluorospecialty chemicals, working capital requirements, purchase of plant and machinery and upgrading existing units.
In addition, funds would be used for pre-payment or repayment of all or a portion of certain outstanding, besides general corporate purposes.
The company has a global presence with customers in over 30 countries, including China, the Netherlands, Russia, Singapore, United Arab Emirates, the UK and the US.
DAM Capital Advisors Limited and Axis Capital Limited were the managers to the offer.