Laxmi Organic IPO Launch date: The IPO of Mumbai based organic chemical company Laxmi Organics is opening next week from 15 March. Investments can be made in this IPO by March 17. Laxmi Organics has fixed the price band for the IPO at Rs 129-130. Fresh shares worth Rs 300 crore will be issued in this IPO. At the same time, 300 million shares will be sold by promoters Yellow Stone Trust through offer for sale. Let us tell you that before launching the IPO, Lakshmi Organics has raised Rs 200 crore through pre IPO placement.
200 crores raised before IPO
Laxmi Organics had plans to raise Rs 800 crore from the primary market. At the same time, through pre IPO placement, it has raised 200 crores. That is, the issue size has now come down to 600 crores rupees. In the pre-IPO round, Grantham, Mayo & Van Otterloo, White Oak Capital Management and Malabar Investment participated in the pre-IPO placement. According to bankers, the shares were sold to these investors at a price of Rs 129 per share. Based on this price, the valuation of the company is being imposed at Rs 3400 crore.
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At least how much investment
Laxmi Organics has fixed the lot size 115 shares of the IPO. In terms of the upper price band of Rs 130, it is necessary to invest at least Rs 14950 in this IPO. After this, investments in multiples of 115 can be made.
Use of funds to reduce debt
The funds received from this issue by Lakshmi Organics will be used to pay off the debt and to build a flowability chemical plant. In 2012, the International Finance Corporation bought a 10.05 per cent equity stake in the company for Rs 82 crore. Lakshmi Organics is the largest ethyl acetate producer in the country, with a 30 per cent market share. The company is also an upfront player in the market of derivatives. The company’s product portfolio has significantly more diversity.
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The company has access to 30 countries of the world. This includes China, Netherlands, Russia, Singapore, United Arab Emirates, UK and USA. Its major customers are giants like Alembic Pharma, Dr. Reddy’s Labs, Hetero Labs, Laurus Labs, McLeod Pharma, Mylan Labs, United Phosphorus.