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Laxmi Organic Industries IPO day 2: Issue subscribed 6.05 times, retail portion booked over 10.38 times

Laxmi Organic plans to raise Rs 600 crore through the public issue

March 16, 2021 / 05:17 PM IST
 
 
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The initial public offering (IPO) of Laxmi Organic Industries subscribed 6.05 times on March 16, the second day of bidding as investors put in bids for 19.69 crore equity shares against the offer size of 3.25 crore shares, subscription data available on exchanges showed.

The portion reserved for retail investors subscribed 10.38 times and that of non-institutional investors 2.48 times, while the portion set aside for qualified institutional buyers has subscribed 1.15 percent.

A leading manufacturer of acetyl intermediates (AI) and speciality intermediates (SI), Laxmi Organic plans to raise Rs 600 crore through the public issue comprising a fresh issue size of Rs 300 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust.

The price band has been fixed at Rs 129-130 per share and the company has already raised Rs 180 crore from anchor investors at the higher price band.