Laxmi Organic Industries share sale via initial public offering (IPO) was subscribed 106.81 times on the third and final of the issue, according to subscription data on the exchanges. The specialty chemical manufacturer’s IPO was oversubscribed 6.05 times on the second day of the issue – March 16. The portion reserved for retail investors was subscribed 20.10 times, on March 17. Non-institutional buyers showed great interest in the IPO as the portion for them was subscribed 217.62 times, while the portion reserved for qualified institutional buyers was subscribed 175.43 times. (Also Read: Laxmi Organic Industries IPO Subscribed 6.05 Times On Second Day Of Issue )
The chemical manufacturer’s ₹ 600 crore IPO opened for bidding on March 15 and closed today, March 17, remaining open for subscription for a period of three days. Laxmi Industries fixed the price band at ₹ 129-130 per share. Through its initial public offer, the company expects to raise ₹ 600 crore at the higher end of the price band. The shares of Laxmi Organic Industries may get listed on the bourses on March 25.
Laxmi Organic Industries is the leading manufacturer of ethyl acetate in the country and was incorporated in 1989. The firm is a specialty chemical manufacturer and operates in two major business segments – acetyl intermediates and specialty intermediates. It is the only manufacturer of diketene derivatives in the country and has over 30 per cent market share in the Indian ethyl acetate market.