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Sebi approves Laxmi Organic, MTAR Tech IPOs; expected to hit market by early March

Sebi approves Laxmi Organic, MTAR Tech IPOs; expected to hit market by early March

Sebi approves Laxmi Organic, MTAR Tech IPOs; expected to hit market by early March
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By CNBC-TV18 Feb 20, 2021 3:56:55 PM IST (Updated)

Laxmi Organic Ltd and MTAR Technologies have received stock market regulator Sebi’s approval for launching initial public offerings (IPOs). Both the IPOs are expected to hit the public markets early March 2021.

Laxmi Organic Ltd and MTAR Technologies have received stock market regulator Sebi’s approval for launching initial public offerings (IPOs). Both the IPOs are expected to hit the public markets early March 2021.

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While Hyderabad-based precision engineering solutions company MTAR Tech is looking to raise nearly Rs 650 crore, Laxmi Organic, a leading manufacturer of acetyl intermediates and specialty intermediates and the largest manufacturer and exporter of ethyl acetate in India, will be raising a fresh plus OFS aggregate of about Rs 800 crore.
According to market sources, Fabmohur Advisors-backed MTAR Tech recently raised Rs 100 crore via a pre-IPO placement to SBI MF and Axis MF at Rs 540 per share, which indicates a post money valuation of 1660 crore. Laxmi Organic in its DRHP, also stated that it could initiate a pre-IPO round of Rs 200 crore, subject to discussion with its lead managers to the issue.
Come 2021, investors will get to see a string of IPOs, given the recovery in the market and companies looking to raise funds following a subdued year, marred by the pandemic. While Indigo Paints, Stove Kraft and Home First Finance have gained, IRFC, Antony Waste and Brookfield IPOs listed in red.
RailTel IPO has been subscribed 42 times.  There are many other IPOs expected to hit the market this year, which include Lodha Group, which has filed a draft red herring prospectus for a proposed Rs 2,500 crore IPO, PolicyBazaar, and Seven Islands Shipping, among others.
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