Laxmi Organic shares list at Rs 156 - a 20% premium over issue price

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Laxmi Organic Industries share price opened with a 20 percent premium on March 25, thanks to the stellar IPO subscription, its strong share in Indian ethyl acetate market and only manufacturer of diketene, and its marquee customer base with long term relationship and diversified client base.

The stock started off the day at Rs 155.50 on the National Stock Exchange, higher by Rs 19.62 compared to issue price of Rs 130.

On the BSE, the listing price was at Rs 156.20, a gain of 20 percent.

The Rs 600-crore public issue of specialty chemical manufacturer was subscribed 106.81 times during March 15-17 and comprised a fresh issue and an offer for sale of Rs 300 crore each. The net fresh issue proceeds will be utilised for its fluorospecialty chemicals facility, expansion of SI manufacturing facility, and for repaying of debt.

The company is a leading manufacturer of acetyl intermediates (AI) and specialty intermediates (SI) with almost 3 decades of experience in large scale manufacturing of chemicals.

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Laxmi Organic is currently among the largest manufacturers of ethyl acetate in India with a market share of approximately 30 percent of the Indian ethyl acetate market. Further, post completion of the Yellowstone Chemicals (YCPL) acquisition, its market share in the ethyl acetate market will be further enhanced.

Laxmi Organic has global footprint with customers in over 30 countries. In 2010, Laxmi Organic commenced manufacturing the Specialty Intermediates by acquiring Clariant's diketene business. It is the only manufacturer in India of diketene derivatives with a market share of approximately 55 percent in terms of revenue in FY20.