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Laxmi Organic IPO subscribed 6.05 times on Day 2; retail investor portion booked 10.38 times – Business News , Firstpost



The speciality chemical compounds firm, which is planning to lift Rs 600 crore by way of public challenge, has already raised Rs 200 crore in pre-IPO placement challenge. The challenge is priced Rs 129-130 per share

On the second day of bidding, the preliminary public providing (IPO) of Laxmi Organic Industries was subscribed 6.05 times. While non-institutional traders subscribed their portion 2.48 times, retail traders’ portion was subscribed 10.38 times. Bids for 19.69 crore fairness shares have been obtained towards the supply dimension of three.25 crore. On day one, the IPO of Laxmi Organic was subscribed 2.28 times.

The speciality chemical compounds firm, which is planning to lift Rs 600 crore by way of public challenge, has already raised Rs 200 crore in pre-IPO placement challenge. The challenge is priced Rs 129-130 per share.

The IPO — which is able to shut on 17 March — consists of a recent challenge of Rs 300 crore in addition to a suggestion on the market of Rs 300 crore by promoter YellowStone Trust.

On Friday, the corporate raised Rs 180 crore from 15 anchor traders. These traders embody Theleme India Master Fund, Malabar India Fund, Ashoka India Opportunities Fund, India Acorn Fund, SBI MF, ICICI Prudential MF, Nomura India Equity Fund, Abu Dhabi Investment Authority, Goldman Sachs, Kuber India (Plutus), and Aditya Birla MF.

The minimal bid lot for Laxmi Organic is 115 fairness shares and in multiples of 115 shares thereafter. With this, the minimal software dimension on the increased worth band works touches Rs 14,950.

Established in 1992, Laxmi Organic is the most important producer of ethyl acetate with over 30 p.c market share within the Indian ethyl acetate market. This share is more likely to enhance publish the completion of the Yellowstone Chemicals (YCPL) acquisition. It additionally holds a 55 p.c share of the diketene derivatives market.

The share allotment can be finalised round 22 March. The funds from the Applications Supported by Blocked Amount (ASBA) account can be unblocked or refunds can be offered round 23 March, says the prospectus.

Allotted shares can be credited to the Demat accounts of eligible traders round 24 March and the shares can be listed on BSE and NSE round 25 March.

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