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Initial public offering (IPO) by Laxmi Organics Industries is set to hit the capital market on March 15. The public offer comprises fresh issuance of shares aggregating to Rs 300 crore and an offer for sale worth Rs 300 crore by the promoter Yellow Stone Trust.
Here are key things to know before subscribing to the public issue:
About the company: Mumbai-based Laxmi Organics is a leading manufacturer of acetyl intermediates and specialty Intermediates. It has global presence with customers in over 30 countries including China, the Netherlands, Russia, Singapore, the United Arab Emirates, the UK and the US.
Price band: Speciality chemicals manufacturer on Tuesday fixed a price band of Rs 129-130 a share for its Rs 600-crore initial public offer.
Anchor investors: The three-day public offer will conclude on March 17 and the bidding for anchor investors would open on March 12.
What’s in it for retail investors: Half of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders.
Objective of the offer: 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 prepayment or repayment of all or a portion of certain outstanding, besides general corporate purposes.
Book running lead managers: Axis Capital and DAM Capital Advisors have been appointed as the book running lead managers to the issue.
Grey market premium: Lakshmi Organics is trading with a premium of Rs 90 in the unlisted market, according to Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares. He added that the premium was between Rs 120-130 earlier this week.