Laxmi Organic IPO subscribed over 100 times on final day of bidding

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The initial public offer of speciality chemicals manufacturer Laxmi Organic Industries subscribed 106 times so far on the last day of offer on Wednesday.

The issue received bids for 3,46,29,37,270 shares till 4 pm against 3,25,58,138 shares on offer, as per data available with the NSE.

The category meant for qualified institutional buyers (QIBs) was subscribed over 120 times, non institutional investors 120 times and retail individual investors(RIIs) by over 20 times.

The initial public offer (IPO) aggregating up to Rs 600 crore comprises a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 300 crore.

The offer is in a price range of Rs 129-130 per share.

Laxmi Organics Industries on Friday garnered Rs 180 crore from anchor investors.

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 are the managers to the offer.