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Laxmi Organics IPO subscribed 1.4 times so far on day 1 of bidding

Laxmi Organics IPO subscribed 1.4 times so far on day 1 of bidding

Laxmi Organics IPO subscribed 1.4 times so far on day 1 of bidding
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By Pranati Deva  Mar 15, 2021 3:12:28 PM IST (Published)

The portion reserved for retail investors subscribed 2.67 times and that of non-institutional investors 27 percent.

The initial public offering (IPO) of Laxmi Organic Industries was subscribed 1.4 times on the first day of bidding. Investors have put in bids for over 3.5 crore equity shares against the offer size of 3.25 crore shares, subscription data available on exchanges showed.

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The portion reserved for retail investors subscribed 2.67 times and that of non-institutional investors 27 percent. However, qualified institutional buyers were yet to bid for the issue.
The issue, which will close on March 17, aims to raise Rs 600 crore through the IPO and has set a price band of Rs 129-130 per share.
The total issue size has been reduced to Rs 600 crore from Rs 800 crore earlier as the company has raised up to Rs 200 crore in its pre-IPO placement. The IPO comprises a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore from promoter group Yellowstone Trust.
The company garnered Rs 180 crore from 15 anchor investors ahead of its initial share-sale at Rs 130 per share.
Established in 1992, the firm is the largest manufacturer of ethyl acetate in India. It has a diverse product portfolio and a market share of approximately 30 percent of the Indian ethyl acetate market and approximately 55 percent of the diketene derivatives market. The products find application in varied high-growth industries including pharmaceuticals, agrochemicals, dyes & pigments, inks & coatings, paints, printing & packaging, flavours & fragrances, adhesives etc. It has two manufacturing units in Mahad, Maharashtra.
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