Laxmi Organic Industries’ preliminary public provide (IPO) will open for bidding on March 15. The speciality chemical producer has fastened the worth band of its maiden public providing at Rs 129-130 per share. The challenge will shut on March 17. The shares are more likely to be listed on the inventory exchanges on March 25.
The IPO contains a contemporary challenge of Rs 300 crore and a suggestion on the market of Rs 300 crore by the promoter group, Yellowstone Trust. Investors can place bids for a minimal 115 fairness shares and in multiples of 115 fairness shares thereafter, as much as 13 heaps.
Laxmi Organic Industries will utilise the online proceeds from the first market provide to put money into a wholly-owned subsidiary, Yellowstone Fine Chemicals (YFCPL), to arrange a producing facility for fluorospecialty chemical substances and for working capital necessities.
Ahead of preliminary public providing, Laxmi Organic Industries has raised Rs 180 crore from anchor buyers.
Laxmi Organic Industries is among the many largest producers of ethyl acetate in India, with a market share of roughly 30 per cent of the Indian ethyl acetate market. It has two manufacturing amenities in Mahad, Maharashtra.
Axis Capital and DAM Capital Advisors are the book-running lead managers to the difficulty of Laxmi Organic Industries, whereas Link Intime India is the registrar to the IPO.